Kinovo 'minded to recommend' £56.4m takeover proposal from Sureserve

(Sharecast News) - Kinovo confirmed on Monday that it has received a best and final indicative, non-binding takeover proposal from Sureserve valuing the specialist property services group at around £56.4m. Responding to recent press speculation, AIM-listed Kinovo said Sureserve had offered 87.5p per share in cash, following a number of earlier proposals.

Having considered the possible offer, Kinovo said it would be minded to recommend it to shareholders should a firm intention to make an offer be announced.

"A further announcement will be made if and when appropriate," it added.

Under UK takeover rules, Sureserve has until 1700 BST on 10 June to either announce a firm intention to make an offer or walk away.

At 1615 BST, Kinovo shares were up 31% at 81.40p.