Tech firm in discussions with potential bidders
Nanoco, the Manchester-based tech firm, said it is now in detailed discussions with possible bidders, after announcing last month it would consider acquisition approaches.
Today it confirmed that it has engaged with multiple interested parties as part of the formal sale process.
It said potential buyers wishing to participate in the formal sale process were required to sign a non-disclosure agreement, after which they received further information on the company.
A number of interested parties have submitted non-binding proposals to Evercore, for the board’s consideration.
It said: “The board has reviewed the proposals and is now inviting certain of those parties to engage in further due diligence and detailed discussions about the sale of the company.”
Further announcements regarding timings of subsequent steps for the formal sale process will be made as appropriate, it said, adding: “There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.”
In addition to the ongoing discussions, the board continues to review possible sources of additional funding for the company as part of the group’s strategic review, with contingency plans in place if needed, it said.
Today’s statement concluded: “The board of Nanoco reserves the right to alter or terminate the formal sale process at any time and if it does so it will make an announcement as appropriate. The board also reserves the right to reject any approach or terminate discussions with any interested party at any time, without liability to any person.
