K3 Business Technology shares up by a third on bid approach
Shares in K3 Business Technology (LON:KBT) shot up by almost a third in early trading today after the enterprise software firm announced it had received a bid approach. It said that it had received the approach from its largest shareholder and non-executive director, P J Claesson, who currently holds 19.5 per cent of the business.
K3 said that following the approach and in light of the investment it believes is required to fully exploit the growth potential of the firm's managed service business, it "has decided to initiate a strategic review of the options available to the company and to explore whether a possible offer by Mr Claesson, or any other party, might be in the best interests of K3 and shareholders as a whole".
However, the firm also pointed out that discussions with Claesson are "at an early stage and there can be no certainty that any offer will be forthcoming". There were also no details released on how much Claesson intends to offer for K3.
By 8:08am K3's shares were trading 31.4 per cent higher at 160.3 pence each.
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