7th Jul 2005 14:59
Multi Group PLC07 July 2005 Multi Group Plc ("Multi") No intention to make an offer for Lorien plc On 23 May 2005 Multi announced that it had made a strategic investment in Lorienplc ("Lorien"), an IT resourcing and specialist services company quoted on theOfficial List, by acquiring 850,000 ordinary shares in Lorien at a price of 35pence per share. It was also announced that Multi's directors were consideringthe possibility of making an offer for the entire issued voting share capital ofLorien that it did not already own, at or around the 35 pence per share pricethen paid by Multi. The directors of Multi have now met with the board of Lorien and their advisersto discuss the possibility of Multi making such an offer. With the consent andco-operation of the Lorien board, Multi has conducted a limited due diligenceexercise and having substantially completed this now confirms that it does notintend to make an offer for Lorien. Multi's current intention is to retain its strategic investment in Lorien. In the meantime Multi's buy and build strategy focusing on predominantly noncyclical niche sectors is progressing and the directors anticipate making anumber of acquisitions in due course. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Servoca