No takers for GPG tender

GPG was looking to buy another 11.8% of Time Products to add to its current stake of 18.1% at a maximum price of £1.50 a share.

However Time Products, which distributes and retails a number of luxury branded watches and also manufactures, distributes and retails handbags retails, had advised shareholders not to take any action.

GPG says at close of business last Friday it had received tenders totaling less than 1% of the voting rights in the company, making the tender offer void.

Time Products is currently reviewing the strategic options for the company, including the possibility of an offer for all shares at a price higher than that offered by GPG.

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