Atlantic Global sets takeover bid deadline

Have your say

SOFTWARE firm Atlantic Global has set a deadline of December 21 for takeover approaches before it picks a preferred bidder.

In September Cleckheaton, West Yorkshire-based Atlantic announced it had put itself up for sale after receiving two takeover offers.

The company said any interested parties must sign non-disclosure agreements before it will open its books to them.

Atlantic said: “The board is currently targeting a deadline for receipt of all indicative proposals by 21 December 2011 and a decision on whether to proceed with any party will be taken by the board in early January 2012.

“It is intended that subject to receipt of a satisfactory proposal, a preferred bidder will then be selected and given a period of exclusivity of up to four weeks to complete any additional confirmatory due diligence and documentation.”

It added it reserves the right to alter the sale process or terminate it.

“The board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time,” it said. “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.”