Alternative Networks rejects early stage bid approach

UK business communications service provider Alternative Networks has rejected a very early stage offer by a third party after giving 'due consideration' to the outlined plan.

Alternative Networks said it concluded that the proposed consideration was not sufficiently attractive that it would represent a compelling proposition for shareholders.

The party which made the approach has confirmed that it is no longer currently considering making an offer.

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The firm added that the proposed cash return to shareholders by way of tender offer announced earlier this month remains open for acceptance, but said if any shareholder who has already accepted the tender offer wishes to reconsider its decision in light of this announcement, they will be allowed to withdraw or amend their tender.

NR