Last checked at 18 Sep 2012 07:00
KBT
K3 Business Technology Group plc
("K3" or the "Company")
End of Formal Sale Process
On 1 March 2012, following approaches received by the Board, the Company announced the commencement of a formal sale process in order to explore whether an offer for the issued and to be issued shares of the Company was in the best interests of shareholders and the business as a whole. An update to the formal sale process was given on 31 July 2012, stating that the Company continued to hold discussions with a number of potential offerors.
Before and during the formal sale process, the Company received several indicative proposals and potential offerors were provided with access to management and detailed financial information. Following extensive discussions the Board does not believe the proposals received are at a level that would be acceptable to shareholders and are therefore not recommendable by the Board.
The Board has therefore decided to terminate the formal sale process with immediate effect. The Company is no longer deemed to be in an "Offer Period" as defined in the City Code on Takeovers and Mergers ("the Code").
For further information, please contact:
K3 Business Technology Group plc Andy Makeham, Chief Executive David Bolton, Chief Finance Officer | Tel: +44 (0) 161 876 4498 |
Deloitte Corporate Finance Financial Adviser to K3 Jonathan Hinton/James Lewis/Andrew Westbrook | Tel: +44 (0) 207 936 3000 |
finnCap Nominated Adviser and Broker to K3 Marc Young/Henrik Persson (corporate finance) Tom Jenkins (corporate broking) | Tel: +44 (0) 20 7220 0500 |
Biddicks Financial PR to K3 Katie Tzouliadis/Sophie McNulty | Tel: +44 (0) 20 3178 6378 |
A copy of this announcement will be made available on the Company's website at http://www.k3btg.com as soon as possible.