ICM rejects Netstore offer

ICM has issued a statement to the stock exchange saying that the company’s board has decided to reject the offer made by Netstore to acquire the company. However, in the same statement ICM revealed that it was considering an approach from another interested party.

ICM’s announcement reads as follows (verbatim):

“Further to its announcement dated 6 December 2006, the Board of ICM (the 'Board'), in conjunction with its advisers, has carefully considered the proposal from Netstore Plc ('Netstore') with the benefit of the information recently received from Netstore. The Board has concluded that an offer on the terms proposed by Netstore would not be in the best interests of ICM's shareholders, employees or customers and, accordingly, Netstore's proposal has been rejected by the Board.

“The Board confirms that it has received an approach from another party, which may or may not lead to an offer being made for ICM. At this stage, it is too early for the Board to be able to determine whether or not this will result in any formal offer being made for ICM.

“Shareholders will be updated on further developments as appropriate and are urged to take no further action in the meantime.

“There can be no certainty that any offer will be made. Furthermore there can be no certainty as to the terms upon which any such offer might be made.

“This announcement has not been made with the prior approval or agreement of Netstore.”

Netstore responded with a statement of its own, which read:

“The Board of Netstore notes the announcement made this morning by ICM. We are surprised that the ICM Board considers it appropriate to reject a proposal that has such significant support from ICM's shareholders. We wait with interest to see whether any other proposal is made and whether any such proposal is capable of adding as much value to both parts of ICM's business. Netstore continues to look forward to the future with confidence.”

Track this story:

• Netstore publishes update on ICM acquisition offer

• ICM seeks to end Netstore speculation

• ICM provides an update on possible acquisition by Netstore

• Netstore to make bid for ICM?

•Date: 12th Dec 2006• Region: UK •Type: Article •Topic: BC markets
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