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Waterland Reportedly Prepares Rival Bid for Gamma Communications
Gamma Communications PLC (LSE:GAMA) shares gained on Monday following a weekend report that Dutch private equity firm Waterland is preparing a takeover offer, potentially setting up a bidding war against a rival suitor.
Potential Bidding War Emerges
According to a report published by The Sunday Times, Waterland is planning to submit a proposal to acquire the UK-based business communications provider. The report indicates that the offer would be structured to exceed a competing bid from private equity firm Epiris.
The existing offer from Epiris valued Gamma Communications at £1.08 billion ($1.46 billion). The emergence of a second potential bidder suggests strong private equity interest in the company and could drive the final acquisition price higher.
AdMarket Reaction
Investors responded positively to the prospect of a competitive takeover battle. In Monday trading on the London Stock Exchange, shares of Gamma Communications climbed 2.1% to 1,180 pence.
In a related move, Gamma Communications announced it has suspended its share buyback and dividend programs. This is a common step for companies that become acquisition targets, aimed at preserving cash and simplifying the company's valuation during a potential sale process.
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