Accesso board still working to find decent takeover offer

The AIM-traded firm, following the receipt of a number of unsolicited approaches and in consultation with the UK Takeover Panel, had announced the start of a formal sale process on 24 July.

In reaching its decision, the board said it had considered that such a process was the “most appropriate” process to ascertain whether such interest could translate into an offer for the company, on terms which the directors would be prepared to recommend to Accesso shareholders.

“As part of the formal sale process, the company and its advisers have interacted with a number of interested parties,” the board said in its statement.

“After initial discussions, many of the parties submitted written non-binding indications of interest that the company regarded as acceptable to warrant allowing those parties to engage with management on the company's business, operational and financial performance.

“Following meetings with management, the interested parties were asked to submit refreshed indications of interest by the end of September.”

Accesso Technology and its advisers said they had now received refreshed indications of interest from a number of the interested parties, none of which were at a level that the board felt offered sufficient value to shareholders.

The board and its advisers said they were continuing to engage in discussions with certain of those parties, to determine whether an offer for the company could be delivered at a value that the board considered was attractive to shareholders.

“Whilst the formal Sale Process remains ongoing, the board and the company's management team continues to execute on its current strategic plan to realign and better integrate the company's product and service offerings and to maximise the penetration of the estimated $3.4bn total addressable market opportunity.

“Execution of the plan is in response to the market shift towards integrated guest experiences, enabling Accesso to leverage its unique product suite to improve business outcomes for customers.

“If the formal sale process does not result in an acceptable offer being made to accesso shareholders, the board and the company's management team are fully prepared to continue to execute this plan.”