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ilion in talks with prospective buyers – official

Distributor confirms acquisition talks are taking place

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Troubled networking distributor ilion Group this afternoon acknowledged it was involved in possible buyout talks. The ilion board said it was in "very preliminary discussions with a number of parties which have not reached any conclusion and which may or may not result in an offer for ilion." The statement to the stock exchange followed last week's shock share snatch by ilion ex-CEO and chairman Wayne Channon, rival Landis boss Paul Kuiken and the Finance IT company. The move, which gave Finance IT 11.8 per cent of ilion, sparked discussions among analysts that a buyout was on the cards. On 26 March ilion Group announced a pre-tax loss of £3.2 million for the year ended 31 December. This compared to 1997's £6.1 million profit. ®

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