Cray Electronics Holdings Plc on Friday made a hostile bid to acquire systems software house SD-Scicon Plc. The offer, which values the Milton Keynes-based company’s ordinary shares at UKP111m is regarded by SD-Scicon as opportunistic and without any merit, and although the board is considering the offer with its advisors, Samuel Montagu & Co Ltd, it is unlikely to yield to the offer. SD-Scicon, which reported net losses of UKP10m for the first half of 1991 on sales that fell 4% to UKP138m, is in Cray’s opinion, a company that isn’t really going anywhere and that could benefit from a change in management.
