6 Jun 2012 07:00
For release | 07:00 | Date: 6 June 2012
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The TEG GROUP PLC (TEG/L)
("TEG" or "the Company")
Re: Formal Sale Process
End of Offer Period
During January 2012, the Group received a significant number of preliminary expressions of interest from potential purchasers and as a result, the Board decided it should conduct a formal sale process in order to explore the expressions of interest. On 26 January 2012, the Company announced the commencement of a formal sale process with a view to identifying appropriate partners for the Company or major strategic investors. The deadline for receipt of indicative proposals from interested parties was 14 March 2012.
The Company received indicative proposals which were carefully considered. Potential offerors were provided with access to management but following further discussions and consideration the Board did not believe a transaction could be completed in a reasonable period of time and this would lead to further shareholder uncertainty.
As a consequence, the Board has decided to terminate the formal sale process and to resume normal business with immediate effect, and the Company is no longer deemed to be in an offer period under the Takeover Code.
ENDS
Contact:
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The TEG Group Plc | Tel: 01772 644980 |
Michael Fishwick, Chief Executive | www.theteggroup.plc.uk
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KPMG Corporate Finance (Financial Adviser to TEG) Chris Belsham
N+1 Brewin (Nomad & Broker) | Tel: 0161 246 4548
Tel : 0845 213 1000 |
Andrew Craig/Ben Wright |
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Peckwater PR |
Tel: 07879 458 364 |
Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk |
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