(Alliance News) - IT services provider Adept4 PLC confirmed it was in talks to undertake an acquisition, responding to it shares price more than doubling on Friday.
Shares in Adept4 almost tripled in London on Friday, trading at 1.42 pence each, having opened at 0.50p.
Adept4 said it noted the share price movement and confirmed it was in discussions to make an acquisition.
"Following a challenging period for Adept4, the board has been considering the strategic options open to the company and believes that the proposed acquisition represents the best opportunity to return the business to growth for the benefit of all stakeholders," Adept4 said in a statement. "Alongside and conditional on the acquisition, the board is also in discussions to reduce its level of debt."
Adept4 added that there was "no guarantee" an acquisition or the reduction in debt will be made. The firm also confirmed that the takeover - if completed - would not constitute a reverse takeover.
No further details were provided.