Epiris to pursue Gamma Communications bid alone after Providence walks away

ClearShares OCIO ETF

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June 24 (Reuters) - Private equity firm Epiris said on Wednesday it would continue to independently explore a potential takeover of British telecoms firm Gamma Communications GAMA.L after its consortium partner Providence Equity Partners withdrew from the process.

Here are more details:

  • Providence Equity Partners said it does not plan to make an offer for Gamma, either as part of the consortium or otherwise, after Gamma named the firm in May as one of the parties with which it was in takeover talks.

  • Shares of the British telecoms firm were down 10.2% at 789.5 pence at 0941 GMT.

  • Gamma Communications declined to comment on the developments.

  • Epiris now must make a formal offer for Gamma by July 8 or walk away, under British takeover rules.

  • Private equity firm Oakley Capital OCIO.L had earlier this month also dropped out of the race for Gamma.

  • The telecoms firm first disclosed in early April that it was in preliminary discussions with multiple parties regarding a potential sale.


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