Nastor Investments in £54.5m offer for Celsis

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The board of Celsis is advising investors to accept the 232½p a share offer from Nastor Investments, a venture controlled by North Atlantic Value, which is run by Mills.

This represent a 14.3% premium to the company's closing share price on Friday. Celsis tests shampoos and milk for contamination by microbes. Jack Rowell, non-executive chairman of Celsis, said: "Despite a number of years of solid growth, the company's value has not been fully recognised by the market.

"We are therefore pleased to receive this offer which we believe reflects good value for our business."

North Atlantic Value, which is a subsidiary of J O Hambro Capital Management Group, already holds almost a fifth of Celsis' shares.

Celsis said the offer is backed by shareholders holding about 8.5 million shares, or 38.8% of its issued share capital. Its shares rose 26p to 229½p on news of the bid.