31st Dec 2013 08:57
LONDON (Alliance News) - 600 Group PLC Tuesday said it has decided that an asset sale to Qingdao D&D Investment Group Co Ltd, rather than a full takeover by D&D of 600 Group, is the best way to move forward for the approach from D&D that it announced on September 11.
The diversified engineering company said that an asset sale would bring about the best value for 600 Group shareholders and that discussions are ongoing with D&D regarding the potential sale of selected 600 Group assets, which is likely to require shareholder approval.
The company said it has not been in discussions with any other party regarding a potential offer for the company, and therefore 600 Group is no longer in a regulatory offer period.
600 Group shares were down 17% to 16.25 pence Tuesday, making them the biggest AIM faller in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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