Acquisition talks boosts Horizon shares

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Acquisition talks boosts Horizon shares

Microscope contributor

Horizon Technology Group has confirmed it has been approached by a potential acquirer that may buy the entire UK distribution and Irish integrator businesses.

In a filing with the Irish stock exchange, the firm said the approach may or may not lead to an offer to acquire the share capital of the group at a price of 1.18 Euros (90 pence) per share, valuing the business at about £72m.

"Shareholders should note, however, that the approach is preliminary in nature and is subject to a number of conditions. No assurance can be given that a formal offer will be forthcoming or that any transaction will occur," it stated.

Shares in the group, which sells to vendors including Sun Microsystems, Juniper and EMC, were up 114 per cent on the back of the news on 13 March to 0.93 Euros.

On the same day the company posted results for the year ended 31 December 2007 that showed a 12 per cent year-on-year increase in revenue to 288m Euros (£220m); profit grew six per cent to 5.982m Euros.

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