UK: Hi-Tec Finance Chief Quits Over MBO Talks
Hi-Tec, the British sports footwear maker, is still in talks about a possible management buyout, the company announced today (Friday 28 July).If the MBO goes ahead, an offer of 30p per share is likely to be recommended. The MBO, which was first announced in February with a further announcement following in March, is still being discussed by the company directors.Donald Bell, the former finance director, has quit the company. Hi-Tec said he decided to resign subject to any offer becoming unconditional.Chief executive Paul Harrison was not available for comment this afternoon. Hi-Tec's shares were up 1/2 penny at 28 pence.
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