Last checked at 26 Jan 2012 16:48
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No intention to make an offer for K3 Business Technology Group plc ("K3" or the "Company")
On 1 December 2011, K3 released an announcement regarding a possible offer to be made by Mr P J Claesson, a non-executive director of K3. The Board also announced that it had decided to initiate a strategic review of the options available to the Company and to explore whether a possible offer by Mr Claesson, or any other party, might be in the best interests of K3 and shareholders as a whole. The announcement stated Mr Claesson would have until 5.00 p.m. on 29 December 2011 (the "Deadline") either to announce a firm intention to make an offer for K3 under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") or announce that he did not intend to make an offer for K3.
On 29 December 2011, K3 released a further announcement confirming that the Panel had extended the Deadline to 5.00 p.m. on 26 January 2012.
Since the initial approach, Mr Claesson has been informed by the Board of K3 that it did not wish to take Mr Claesson's proposal forward and would not be recommending it to shareholders of K3. Therefore, in accordance with Rule 2.8 of the Code, Mr. Claesson confirms that he will not be making an offer for K3 and discussions with K3 with regard to his making an offer have ceased.
Mr Claesson will continue in his role as non-executive director of K3 and is looking forward to working with the rest of the K3 Board during the strategic review in order to seek to maximise value for all K3 shareholders.