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Creston Receives Second Takeover Approach
UK-based insight and communications group Creston, which owns market research agencies ICM and CML, has received a second buyout approach; this time from its biggest shareholder.
According to The Daily Telegraph, US private equity firm Cartesian Capital Group, which owns just over 10% of Creston stock, is understood to have approached the Board to express its interest.
Creston is already in talks with an unnamed private equity firm. While the group said in September that the process had reached the final stages of due diligence and the arranging of finance, it added that there could be 'no certainty that an offer will be made'.
Creston's Non-Executives have told Cartesian that they will not embark on talks until they receive an indicative offer - however, Cartesian has ruled out further discussions until the unnamed rival makes a formal bid. Creston directors and staff hold around 30% of the stock, and a buyout is unlikely to happen without their consent.
In June, Creston reported a 25% rise in profits for the year ending 31 March 2008. Turnover rose to £80.5m from £69.7m, reflecting organic growth of 8%.
Web site: www.creston.com .
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