Promethean considers £80m takeover bid

Blackburn-based Promethean, the classroom technology specialist, is in talks about a takeover with NetDragon WebSoft, which is listed on the Hong Kong Stock Exchange.

PrometheanNetDragon's initial proposal includes a cash offer of 40p per share, valuing Promethean at around £83m.

It marks a dramatic fall  from five years ago, when Promethean shares were priced at 200p,

The tough global economy forced governments around the world to tighten their education budgets, stifling demand for Promethean's products, including its trademark electronic whiteboards.

Shares closed at 27.25p on Tuesdsay. A statement from Promethean read: "Discussions between the companies are continuing, and there is no certainty that any offer will be forthcoming, nor as to the terms on which any offer will be made. A further announcement will be made if and when appropriate."