Gamma names two more interested parties as potential bid battle looms

(Alliance News) - Gamma Communications PLC on Friday said it is holding "preliminary" talks with Epiris LLP and a consortium comprising Oakley Capital and Giacom, but stressed that there "can be no certainty that any offer will be made."

In April, the Newbury, Berkshire-based provider of cloud communications and voice services said that it was in early-stage talks with a number of "potential offerors".

On Wednesday, Gamma named Rhode Island, US-based private equity firm Providence Equity Partners LLC as another interested party.

Under UK takeover rules, Providence has until June 10 to make a firm takeover proposal for Gamma. The deadline for London-based PE firm Epiris and the Oakley/Giacom consortium is two days later, June 12.

Oakley is a London-based PE firm while Giacom is a London-based IT service provider.

Shares in Gamma closed 8.2% higher at 1,009.00 pence each in London on Friday for a market value of GBP913.6 million.

By Jeremy Cutler, Alliance News reporter

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