Redcentric confirms early takeover talks with Wiit

Italian cloud computing services provider now has until 5pm on 21 June to make a decision on whether to go through with the offer or not

Yorkshire-HQ reseller Redcentric has confirmed that it is in initial discussions regarding a potential acquisition by Italian cloud computing company Wiit SpA.

In a statement, the Redcentric board of directors noted recent media speculation and confirmed they are in the early stages of talks with Wiit about a possible offer for the entire share capital of the company.

However, the board cautioned that discussions are at a very early phase and there is no certainty that a firm offer will ultimately be made, nor any details on the potential terms.

Italian cloud computing services provider Wiit also confirmed the talks.

The Italian firm said that while it regularly evaluates strategic growth opportunities, the discussions with Redcentric are at a very preliminary stage.

Under UK takeover rules, Wiit now has until 5pm on 21 June 2024 to either announce a firm intention to make an offer for the British reseller or confirm it does not intend to pursue a deal.

This deadline can only be extended with approval from the Takeover Panel.

The announcement has commenced an "offer period" for Redcentric under the Takeover Code, meaning the company's shareholders must be mindful of strict disclosure requirements around dealings in the company's shares.

Redcentric said it will make further announcements as the situation progresses.