Shares fell to 48p last week giving it a market capitalisation of approximately £128million.

Shares had risen 15 per cent on May 15 after the group had said it received an approach from a financial buyer.

City sources believe that the company is likely to remain a bid target with news that it had completed the sale of its German industrial logistics business to its managing director for Germany, Torben Sigenström.

The group's investors have seen the shares fall from a high of 185p in July 2000 to a low of 33p in March this year. City analysts predict that any bid would have to be pitched at 80p and any potential buyer would have to win the backing of the Salvesen family, which has a 30-35 per stake.