Atlantic Global sets takeover offers deadline

0
Have your say

SOFTWARE firm Atlantic Global has set a deadline of December 21 for takeover offers.

The company, which is based in Cleckheaton, West Yorkshire, said it has received approaches from a number of parties.

The group put itself up for sale in September after receiving two preliminary takeover offers.

A decision on whether to proceed with a takeover will be taken by the board in early January.

The group said that any interested parties must sign non-disclosure agreements.

If the board receives a “satisfactory proposal”, a preferred bidder will be chosen and given a four-week exclusive period to complete due diligence.

Atlantic said the board will reserve the right to alter the sale process, reject any approach or terminate discussions.

“There can be no certainty that any offer will be made for the company, or even proposed, or as to the level of any proposal or offer that may be made,” it said.

Atlantic has said that while it has a secure future as an independent business, there may be other organisations which are better placed to take the group forward.

It added that a takeover could significantly accelerate the growth of the business.

“We felt we ought to test the market,” said chairman Adrian Bradshaw.

“The two approaches are from UK companies with a foreign twist. We thought we should have a full-blown sales process.”

He added that a takeover would be good news for the group’s 18 employees.

“This is a real opportunity for our staff. Anyone buying this business is going to invest in it.”

Managing director Eugene Blaine said: “A sale is not a foregone conclusion. We are doing this from a position of strength. We’ve got a strong balance sheet, we’re cash generative and we’re profitable.

“The obvious solution is to plug us into someone else, it would be a successful marriage.”

Mr Bradshaw added that both shareholders and the management team are supportive of the sale plans.

“It’s not that we can’t go forward on our own.

“We don’t need to be rescued, but the US software scene is pretty buoyant at the moment, ” he said.

Atlantic has won a number of new customers this year including FriendsLife, The Lewis Group, Happy Customer and TAH Limited.

Back to the top of the page