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Phoenix IT confirms talks to buy ICM Computer

Up against a management buyout

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Managed services group Phoenix IT has confirmed it is in talks with the board of ICM Computer about acquiring the firm.

In a statement to investors on Friday, Phoenix said: "There can be no certainty that these discussions will lead to an offer being made by Phoenix for ICM."

ICM said yesterday it had received an approach from an unspecified suitor, as well as authorising a team of its own executives to investigate a management buyout.

ICM, which provides business availability and has expanded its network in the last year, reported it expects turnover to be up 28 per cent for the last six months on the same period a year ago.

Phoenix bought NDR, another business continuity firm, in 2005. The division has performed well. ®

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