- Niox Group
- 20 March 2025 13:32:40
Source: Sharecast
The AIM-traded firm said the offer, which included any future dividend payments, followed an earlier unsolicited approach on 20 February at 78p per share.
It said the proposal remained subject to due diligence and other pre-conditions.
After reviewing the bid with its financial adviser, Niox’s board said it would be inclined to recommend the offer to shareholders if Keensight proceeded with a firm bid under the UK Takeover Code.
As a result, the board had granted Keensight access to due diligence.
Niox also disclosed that, prior to receiving the latest proposal, it had initiated discussions with a select group of potential buyers as part of a private sale process aimed at assessing alternative offers that could deliver greater value to shareholders.
Those discussions remained at an early stage, with the company not disclosing the identities of other interested parties.
The board emphasised that there was no certainty that Keensight or any other bidder would make a firm offer or what terms such an offer might include.
Following the announcement, Niox said it had entered a formal offer period, triggering disclosure obligations under the Takeover Code.
It said it would provide further updates as necessary.
At 1309 GMT, shares in Niox Group were up 24.13% at 75.47p.
Reporting by Josh White for Sharecast.com.