	cityquest makes mln stg bid for wickes cityquest plc a newly formed company is making a recommended mln stg offer for builders merchants and diy do it yourself company wickes plc wickes said in a statement undertakings to accept what is effectively a management buyout have been accepted by holders of pct of the shares the statement said the offer was due to a decision by wickes international corp a member of the u s wickes companies wix a inc group which holds an pct stake to realise much of its investment the offer would enable wickes to become fully independent and once the bid succeeded all the wickes directors would become members of the cityquest board the offer will be of p cash for every wickes share wickes was last quoted at p compared with p at friday s close wickes shareholders will also have the option of taking one cityquest share or p in loan notes for every p of the cash consideration henry sweetbaum is chairman and chief executive of both cityquest and wickes and it was intended that cityquest s name would be changed to wickes in due course wickes came to the u k unlisted securities market in january with a capitalisation of about mln stg cityquest has a fully paid share capital of one mln stg s g warburg securities has organised commitments from a group of investors to subscribe for mln stg in shares and mln stg in subordinated convertible loan stock lead investor is investors in industry plc cityquest also has loan facilities of mln stg reuter 
