Gamma in early offer talks with "interested counterparties"

(Alliance News) - Gamma Communications PLC on Tuesday evening confirmed that it is in early-stage talks with "potential offerors".

The communication services provider said, in response to "recent press speculation," that it was in "preliminary discussions with a number of interested counterparties".

The talks aimed to establish "whether such potential offerors might be willing to put forward a proposal that would deliver greater value to shareholders than pursuing a standalone independent strategy," Gamma explained.

It added that these discussions "are at an early stage," and that there can consequently be no certainty that an offer will be made.

Earlier on Tuesday, Bloomberg reported that Gamma was "exploring options including a potential sale of the business," citing anonymous "people with knowledge of the matter".

Gamma noted that the executive of the Panel on Takeovers & Mergers has granted it a dispensation from being required "to identify...any of the potential offerors with which the company is in talks, or from which an approach has been received, unless that potential offeror has been specifically identified in any rumour or speculation."

Gamma shares closed 0.9% higher at 732.20 pence in London on Tuesday afternoon, prior to Bloomberg's report and the firm's confirmation.

By Emma Curzon, Alliance News reporter

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