600 Group takeover talks terminated
ENGINEERING business 600 Group has confirmed that discussions over a possible takeover by a Chinese industrial group have been terminated.
The Leeds-based company was first approached by Qingdao D&D Investment Group in September.
600 Group said: “Despite extensive discussions over recent weeks, D&D have failed to make progress on certain matters by agreed and continually extended deadlines. The directors are now of the opinion that D&D are unlikely to complete a transaction, and have informed D&D that all discussions regarding the potential sale of assets have been terminated.”
In a trading update, the group also said that trading for the second half of the year is in line with the board’s expectations.
“The directors believe that the businesses which comprise 600 Group will deliver significant value for shareholders over the medium term. With any uncertainty relating to this possible sale set aside, the board is now in a position to develop and communicate future strategy in due course,” it said.
