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No acceptable offer for Network Data

Network Data has revealed that despite interest from a number of interested parties, it has been unable to find an acceptable offer for the network.

It announced on 28 January 2009 that the company had received a preliminary approach which might or might not lead to an offer for the company.

The board of Network Data has since held discussions with a number of interested parties regarding the possibility of an offer.

But in a statement on the London Stock Exchange today, it says:”It has become apparent that a number of parties are interested in acquiring the broker network owned by the business, but none of the discussions have resulted in an acceptable potential offer for the company.”

It says no offer has been made for the company’s ordinary shares and it is no longer in discussions with any party regarding the possibility of an offer for the company’s ordinary shares, therefore the company is no longer in an offer period.

The statement adds: “The board has concluded that in light of the financial position of the company and the current difficult trading conditions in the mortgage broking market, it is in the best interests of the company to pursue the approaches for the mortgage broking business.”

The board also says discussions continue with a number of interested parties regarding the possibility of an offer for its head office, Botleys Mansion.

But it has been informed by the party that made an offer for the property, as announced on 24 October 2008, that they are not able to complete the purchase of the property at the present time.

Accordingly, the board does not anticipate an early disposal of the property.

The company has sought the agreement of its bankers to continue to support the company whilst it seeks an orderly disposal of both the mortgage network business and the property with a view to repaying debt and realising value for its shareholders.

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