The independent Directors of Vacuum retailer Godfreys (ASX:GFY) have recommended shareholders accept Arcade Finance’s takeover offer in the absence of a better price.
Arcade has offered to purchase all Godfrey shares for 32 cents a share.
The takeover has also received the tick of approval from the Independent Expert.
Meantime, the company has downgraded its earnings guidance to $3.5 million for the 2018 financial year.
This compares to a range of $5-$6 million announced at the time of the company’s first half results in February.
Shares in Godfreys (ASX:GFY) down 5 per cent to 29 cents