Wed, 19 Sep 2012 | BUSINESS SALE
Despite having announced that it has abandoned sale talks, K3 Business Technology Group could still be open to takeover offers.
Based near Manchester in Salford Quays, the business has received a mixture of interest from potential buyers. Both trade and equity bidders have come forward since the AIM-listed business launched discussions in March of this year.
However, it has now stated that the talks have ended due to the fact that the bids received were “not at a level that would be acceptable to shareholders”, with nothing lodged that valued the company at above £2 a share.
Andy Makeham, chief executive of K3, has now said that the business will be receptive to fresh takeover prospects at the end of its work to reduce its debt and complete its investment in new products.
Mr Makeham told Men Media: “We do see good value in paying debt down and that is a good way to increase the value of the company, so further acquisitions would have to represent very good value to us right now.”
K3 posted a 28 per cent increase in full-year sales for the 12 months 30 June, rising from £52.8 million to £68 million.
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