19th Aug 2014 17:42
LONDON (Alliance News) - Host Europe Holdings Ltd Tuesday confirmed it has approached web hosting company Iomart Group PLC over a possible recommended cash offer.
Iomart's Chief Executive Angus MacSween, Finance Director Richard Logan and Operations Director Sarah Haran, who have a combined holding of around 18.5% in Iomart, have indicated their support for the proposal.
Additionally, the independent directors of Iomart have given their consent to the three executives to work with Host to finalise its proposals.
Host Europe is controlled by funds managed by Cinven Capital Management (V) General Partner Ltd.
In July the company said it had approached Iomart with a a possible cash offer for 285 pence per share.
Shares in Iomart closed up 4.8% at 280.00 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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