London City Equities, CCI’s largest shareholder (13.55%), said it had “absolutely no intention” of accepting the proposed 31c per share takeover offer that valued CCI at $A41.1 million.

The 31c offer price proposed by Campbell Brothers places a theoretical value of $5.56 million on London City’s shareholding in CCI, representing a potential gain on book value of about $3 million if the shares were sold.

However, London City Equity directors pointed out such a sale was not contemplated and they would “continue to support CCI’s plans to strengthen and grow the company”

CCI was trading mid-week at 22c before jumping 30% on Friday to 32.5c. The company is now trading around the 31c mark.

CCI Holdings listed on the Australian Stock Exchange in 1991 and operates through subsidiaries CCI, CCI Engineering and CCI Pope with operations in New South Wales and Queensland. The company’s International subsidiary has offices in the Ukraine and Indonesia.

Campbell Brothers provides laboratory analysis, and distributes consumer and industrial goods.