French firm may increase offer for De La Rue
It has been confirmed today that De La Rue, the banknote printer, has received a £750 million takeover offer from French company, Oberthur Technologies.
De La Rue, which also prints passports for the Home Office, said the offer was “highly preliminary and opportunistic”.
Speculation of an offer led to De La Rue’s shares soaring almost one third last Friday, valuing the company at £640 million.
As well as printing sterling banknotes for the Bank of England, the firm also prints 150 other currencies.
There is speculation that Oberthur will return with a higher offer for the troubled company.
In July, De La Rue warned that sales would be significantly lower than forecasts due to quality and production irregularities at one of its facilities.
It was unveiled that some production had failed to meet the standard required, which led to the controversial departure of chief executive James Hussey.
In September, meanwhile, the firm revealed that some of its employees had “deliberately falsified” certain banknote paper specification test certificates.