News

Netstore agrees £58.1m 2e2 bid

12 August 2008 10:30:00

Shares in Netstore rallied after the IT group agreed a £58.1m cash bid from privately owned 2e2.

The deal has been unanimously recommended by the Netstore directors.

The 32p per share offer represents a premium of 77.8% to the closing price of 18p on 18 February, the business day prior to Netstore's announcement that it had received approaches from third parties.

2e2 has received irrevocable undertakings and letters of intent to vote in favour of the deal in respect of a total of 121.887m Netstore shares in aggregate, representing 70.6% of the existing issued share capital of the group.

"By bringing together 2e2 and Netstore we can secure greater market presence and capitalise on our promising market position," said executive chairman Paul Barry-Walsh.

"The acquisition by 2e2 will accelerate our growth in a way we could not achieve independently. It offers our shareholders an attractive cash price and will enable our customers and employees to benefit from being part of a growing, dynamic, successful group," he added.

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