K3 sees shares surge on potential offer for the business
1 min read
Manufacturing IT firm K3 has received an approach from its largest shareholder to buy the business – and seen shares jump by a third on the strength of it.
PJ Claesson, who is a non-executive director of K3, holding approximately 19.5% of K3's issued share capital, is behind the potential offer.
According to a statement by K3's bard of directors, he "believes that the value of the company and its future opportunities, especially in its managed services business, are not fully reflected in the current share price".
K3 indicates that discussions with Claesson are at an early stage and there can be no certainty that any offer will, in the end, be forthcoming.
That said, in light of "the investment which the board believes is required to fully exploit the growth potential of its managed services business, K3's directors have initiated a strategic review of its options, with Deloitte Corporate Finance already lined up.
Meanwhile, K3 chairman Tom Milne is reiterating his statement from the AGM last week (23 November 2011. "The board would like to confirm that it remains confident of the company meeting management's expectations for the full year."
