Keighley-based textile spinning group John Haggas has accepted a £13.3 million takeover bid from a new company formed by Brian Haggas and other members of his family.

The offer is worth 60p per share, and immediately sent the company's share prices up from 41p to 56p.

The Haggas family has swapped its 69 per cent stake in the firm for shares in the new Predicatory company.

Non-family directors have exchanged their six per cent stake for shares in Predicatory, giving the new company a 75.5 per cent stake in Haggas.The takeover follows a difficult year for Haggas, with results out this week showing operating profits down from £2.7 million to £1.6 million for the year to June 30.

Haggas was floated on the stock market in 1986, and specialises in spinning worsted for the clothing industry.

A group spokesman says: "Although it has been a public listed company for many years, Haggas has retained many of the cultural characteristics of a family controlled company.

"This has stood the company in good stead in recent difficult times, and the family remains committed to the business both in financial and emotional terms."

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