Maxima sale talks with 'interested parties' are over
Not that interested, as it turned out
Maxima has ended discussions with potential suitors over a sale of the business, the IT reseller and managed services outfit confirmed today.
The IBM, Microsoft and Oracle house kickstarted a strategic review in April to explore options including bringing on board outside investment, and selling all or parts of the organisation.
It then entered into talks with interested parties over the summer, but revealed today in a filing with the London Stock Exchange that the offer period had lapsed.
"Following discussions with various potential offerors [sic], the board has concluded that a sale of the entire business in current market conditions would not be in the best interests of shareholders," said Maxima.
It added that there were no remaining discussions with third parties and the board expects to complete its strategic review as soon as possible.
In results to the end of May, Maxima made a pre-tax loss of £9m after £1.2m of exceptional items compared to losses of £800,000 in fiscal 2010, as adjusted operating profits fell 21.4 per cent to £4.4m and sales fell 10 per cent to £45.7m. ®