 A potential takeover by Hays plc in August 1996, which could have valued the shares in the 350–400 pence range, did not result in a formal offer.This did however lead to the spin off of the generator hire business, Aggreko in March 1997, and the arrival of a new Chief Executive, Edward Roderick, who led the business until his sacking in May 2004.During this period, a Swedish investor AB Custos discussed buying the company, and yet again no formal offer was issued to shareholders.