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British Vita to allow TPG access for due diligence

By Liz White, UT staffMiddleton, UK-British Vita plc, which is under siege by US venture capital group Texas Pacific Group, said 14 March that it has decided to allow the US bidder to “undertake limited due diligence.”The move follows the third and latest informal bid-of 353 p/share, on 10 March-by the US group, which values British Vita at some £667 million ($1300 million). TPG made its initial offer to take over the UK-headquartered foam, non-wovens and plastics group on 7 Feb. Vita’s board stressed that it is still convinced that this latest bid “undervalues British Vita” and hence “cannot be recommended to shareholders.”British Vita said it is allowing TPG to look at its books, after consulting with its leading shareholders, and says it is doing this “to enable TPG to put forward an improved proposal.” Terms of access “have still to be agreed between British Vita and TPG,” Vita’s statement said. “

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