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ldox slumps after Dye & Durham ends takeover pursuit; sells grants consultancy business in Netherlands
StockMarketWire.com
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Information management software provider ldox said Dye & Durham had walked away from plan to potentially takeover of the company.
Idox was down more than 20% in recent trade.
'The board has engaged constructively with Dye & Durham, maintaining a very clear view of the potential value of the business to its current owners. These discussions have come to an end,' Idox said.
The company, in separate statement, also said it had agreed to sell its Netherlands based Grants Consultancy and databases business, to an affiliate of SilverTree Equity Partners, for up to €8.14 million. Based in the Netherlands, Idox's Grants Consultancy provides innovation funding consultancy and data and employs 67 people.
The proceeds of the Grants Consultancy business, together with the proceeds of the disposal of Idox Compliance, would be used to reduce Idox's net debt and to continue to invest its organic and inorganic growth strategy.
At 8:36am: (LON:IDOX) Idox Plc share price was 0p at 48.4p
Story provided by StockMarketWire.com
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