Alan Sugar, the Amstrad, Tottenham Hotspur and Viglen chairman, is to make a mandatory offer for the outstanding shares in Viglen that he does not already own.
In a curious twist, he is urging other shareholders to refuse his offer for the PC builder.
The offer, at 24 pence per share, values Viglen at #29.3 million - around one third of its turnover.
Sugar is required by takeover rules to make an offer for the entire share capital of Viglen, after raising his stake in the company on 8 October by 8 per cent to 41.7 per cent.
At 24 pence per share (the price Sugar paid for his new shares), the company is undervalued, he argues. It is also in Viglen's "best interests to maintain its listing on the London Stock Exchange," he said in a statement. "As such it is not my wish to take the company private," he continued.
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