24th Jul 2014 11:04
LONDON (Alliance News) - Shares in web hosting company Iomart Group PLC were trading up 8.5% Thursday morning after it confirmed it had rejected two approaches from Host Europe Holdings Ltd.
Host Europe had said Thursday it had approached Iomart with a possible cash offer for 285 pence per share.
Iomart later Thursday morning confirmed that it had been approached on June 13 and June 27 with an offer of 275 pence and 285 pence, respectively. It said it had rejected both offers as undervaluing the company.
Shares in Iomart were trading up 8.5% at 255.00 pence, having risen as high at 270.00 pence following the announcement.
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 firm 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.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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