24th Jul 2014 09:21
LONDON (Alliance News) - Shares in web hosting company Iomart Group PLC were trading up 11% Thursday morning after Host Europe Holdings Ltd confirmed it has approached Iomart with a possible cash offer for 285 pence per share.
Host Europe is controlled by funds managed by Cinven Capital Management (V) General Partner Ltd.
Host Europe said that there can be no assurance any offer will be made. Under UK takeover code, it is required to either announce a firm intention to make an offer of walk away by August 21.
Iomart made no comment on the announcement Thursday morning.
Shares in Iomart were trading up 11% at 261.80 pence, having risen as high at 270.00 pence following the announcement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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