UK-based Phoenix IT, parent company of business continuity supplier NDR, has provided more details of an offer it is considering making to acquire NDR competitor, ICM.

A statement issued yesterday afternoon reads as follows (verbatim):

“Further to Phoenix's announcement dated 19 January 2007, Phoenix has indicated to the independent non-executive directors of ICM (the 'Independent Committee') that it is considering making an offer for ICM of 207.5 pence and 0.6176 ordinary shares in Phoenix for each ICM share, equating to 415 pence per ICM share on the basis of the closing price of a Phoenix share on 14 March 2007 (the 'Proposal'). In addition, Phoenix has indicated that it would also offer a 'mix and match' facility.

“Phoenix considers the Proposal offers ICM shareholders an opportunity to realise their investment in ICM at an attractive level and to participate in the further expected growth of the enlarged group. Phoenix believes that it is important that ICM shareholders are aware of this Proposal.

“As pre-conditions to making any offer, Phoenix has requested disclosure of certain material customer contracts; ICM to provide assistance in preparing the relevant documentation to allow the Proposal to be implemented and to enter into an implementation and inducement fee agreement; and the recommendation of the Independent Committee of the Proposal.

“Phoenix reserves the right to waive any of these pre-conditions.

“Assuming satisfaction of the above and a successful and cooperative process going forward, Phoenix believes that it is in a position to make an offer for ICM in the very near future.

“It should be noted that this announcement does not amount to a firm intention to make an offer for ICM and that, accordingly, there can be no certainty that any offer for ICM will be made even if the above pre-conditions are satisfied or waived.”

At the time of writing, ICM’s board of directors has yet to respond to Phoenix’s statement. However a response is expected by mid-afternoon today (Friday 16th March) at the latest and Continuity Central will update this news article when ICM’s response is made.

ICM is also in discussion with various members of its senior management team with regards to a potential management buy-out.

UPDATE: ICM response

•Date: 16th March 2007 • Region: UK •Type: Article •Topic: BC markets
Rate this article or make a comment - click here