Matrix a target for mystery buyer
VAR group reveals that an international trade buyer has expressed an interest to acquire its integration business
Matrix Communications Group has revealed that it has received an “unsolicited offer” to acquire its integration business.
The firm, which held its AGM meeting today said in a statement to the London Stock Exchange that the offer, for an undisclosed sum, was from an “international trade buyer with minimal UK presence”.
According to the firm the businesses, which exclude the Fujin mobile content filtering business, are the main sources of revenue and profit for the Matrix Communications Group, and in the year to 31 October 2005, had pro-forma turnover of £35.2m and operating profit contribution of £4.1m.
Alan Watkins, chairman of Matrix said: “The Board has entered into a period of discussions with the potential buyer as it believes there is considerable industrial logic in combining the Matrix Integration businesses with the potential acquirer’s operations and with financial benefits for Matrix’ shareholders.
“These discussions are now at an advanced stage. While there can be no certainty that a transaction will be concluded, if agreement is reached, the transaction would require shareholder approval.”
Watkins said a further announcement on the acquisition will be made “in due course”.
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