Discussions begin for potential sale of listed IT business
The Board of Harrogate-based company Redcentric has confirmed discussions have started with “third parties” over a possible sale of the firm.
Redcentric is announcing a formal sale process. But it notes that while an offer for the company may be the outcome, the business is also still evaluating alternative potential options for organic growth or acquisitions.
In a statement released today, the AIM-listed IT managed services provider adds: “The Board currently expects the formal sale process to conclude during the fourth quarter of 2020.
“The company confirms it is currently in discussions with Macquarie Principal Finance Pty Limited, UK Branch and Six Degrees Holdings Limited.
“It should be noted that, as at the date of this announcement, the company has not received any form of approach or indicative proposal to acquire the company, either pursuant to the company-initiated discussions or otherwise.
“The company is now considered to be in an ‘offer period’ as defined in the Code, and the dealing disclosure requirements listed below will apply. Stifel is acting as sole financial adviser in relation to the Code.”
Redcentric said it was able to end the 2020 financial year in a much stronger position than it had started.
And it states that having successfully completed the integration of historical acquisitions and implemented efficiency initiatives across the business, it was in an excellent position to start exploring opportunities to deliver further shareholder value.
