War of words over Vertex continues

The war of words over the takeover bid for plastics company Vertex continued yesterday.

The bidder, Masthead Equities, urged Vertex shareholders to immediately accept its $1.90-a-share takeover offer after a much-touted mystery bidder failed to emerge from the shadows.

Masthead's Mark Stewart also hinted at concerns over the unnamed party getting inside information from the company.

"We have expressed our concern to Vertex's acting chairman Tony Frankham that information may have been released under a due diligence process to a competing industry player in a bid to get them to the table."

Frankham said directors wanted the best outcome for shareholders - and due diligence by potential bidders was a normal and accepted part of trying to achieve that.