1st Apr 2009 07:04
1 April 2009
Innovation Group plc ("Innovation" or "the Group")
End of Offer Period
On 24 March 2009, the board of directors of Innovation (LSE: TIG) ("Board") announced that it had received an approach from CETP II Participations S.a.r.l. SICAR ("Carlyle") (a company owned by Carlyle Europe Technology Partners II L.P. and CETP II Co-Investment L.P.).
The Board notes the announcement made earlier today by Carlyle, and confirms that discussions with Carlyle have now been terminated and that the Group has ceased to be in an "offer period" for the purposes of the City Code on Takeovers and Mergers. Carlyle's withdrawal is for reasons unrelated to the business or performance of Innovation and no due diligence or formal discussions have taken place following the receipt of its indicative approach.
As previously announced, the Group will in early April 2009 release a trading update for the half year to 31 March 2009.
-ends-
Enquiries:
Innovation - +44 (0) 1489 898 300
Andy Roberts, Chairman
Hassan Sadiq, Chief Executive Officer
Financial Dynamics - +44 (0) 20 7831 3113
Juliet Clarke
Edward Bridges
Erwan Gouraud
Investec - +44 (0) 20 7597 4000
Andrew Pinder
Rowena Murray
Patrick Robb
Investec, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting exclusively for Innovation and no one else in connection with matters described in this announcement and will not be responsible to anyone other than Innovation for providing the protections afforded to clients of Investec nor for providing advice in relation to matters described in this announcement.
Related Shares:
Team Internet