Acquisitive software and services player K3 has announced it is seeking to sell up after receiving a "number of proposals" valuing the firm at a premium on its share price.
The Manchester-based outfit issued a Stock Exchange announcement today detailing that, following the completion of a strategic review, it has been approached by a number of suitors with proposals offering more than the company's current market capitalisation.
Today's statement says: "Whilst the board firmly believes that the company has a secure future as an independent business, it recognises that further investment will enable it to more fully exploit the potential of its managed services business. The strategic review has completed and the company is holding ongoing discussions with these potential offerors."
The sale process will be managed by Deloitte Corporate Finance. Firms wishing to throw their hat in the ring have until 27 March to declare their interest, having first signed a non-disclosure agreement.
Proposals that the K3 board and its advisers consider attractive will be explored in more depth, with suitors given access to more company data and the chance to talk to management. Final offers will then be laid down, after which the company will decide which, if any, to recommend to the board for approval.
Today's statement follows a proposal made in December by non-executive director Per Johan Claesson, who already owns almost 20 per cent of K3. It was announced last month that the talks had ultimately not come to fruition.
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