Companies: MDX   

Beleaguered drug delivery specialist Meldex International says its development chief, Steve Martin, has made an approach.

AIM-quoted Meldex, whose founder Barry Muncaster and other shareholders have been campaigning against its allegedly dilutive acquisition strategy, says board member Martin has asked permission ‘to explore the possibility of making an offer for the company’.  Meldex has set up an ‘independent committee of the board’ to consider ‘any and all offers’ that might emerge.

The Cambridge-based company, which lost £355,000 before tax credits last year, recently issued an upbeat operational update detailing product launches and distribution deals around the world. Steered by chief executive officer Richard Trevillion, Meldex has criticised Muncaster and his Aquisitek vehicle for seeking undue influence over company policy, while Muncaster, who resented the heavy share issues used by Meldex for acquisitions, insisted that Aquisitek had no plans to bid for the company.

Floated at16p five years ago, Meldex shares hit 94p last December, but later fell to 24.75p earlier this month. They have now rallied to 43.5p, up 8.5p this morning, where they are a punt on an acceptable and worthwhile offer being made.    
    
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Meldex International	AIM	£25m	10.75p	-0.25p
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Bid move at Meldex			17/07/2008