Godfreys backs Arcade’s takeover offer, downgrades guidance

Company News

by Anna Napoli

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

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.