For the File3 Jul 2007 16:20
Tuesday, 3rd July 2007 08:11
EU inquiry deadline for Cerberus buy of Torex Retail Aug 2
BRUSSELS (Thomson Financial) - The European Commission said the deadline for its inquiry into US-based private investment firm Cerberus Group's proposed 204.4 mln stg acquisition of retail software company Torex Retail PLC is set for August 2.
Troubled retail company Torex came under a probe by the UK's Serious Fraud Office in January after the company said its full-year results would be significantly below expectations, and revealed its debt was some 23 mln stg higher than previously thought. The investigation is continuing.
The company's management was also revamped, with then-chairman Chris Moore resigning in March, and former chief executive Neil Mitchell, who said he was the whistleblower, stepping down on May 31 after his employment was terminated.
The company provides retail software and services including electronic point of sale (EPOS) software, workforce management, business intelligence, merchandising planning systems, installation services, helpdesk and field engineering.
nina.chestney@thomson.com