Alternative Networks agrees offer from Daisy

Alternative Networks has agreed a 335p per share offer by Daisy Intermediate Holdings.

The recommended offer represents a premium of approximately 17% to Friday's closing price of 285p and values the company at £165.3m.

Alternative Networks chairman James Murray said: "Alternative Networks has developed into a leading independent provider of end-to-end communication solutions and managed IT services to businesses in the UK. Through its impressive track record of growth, Alternative Networks has also delivered significant value accretion for the Alternative Networks shareholders. I am proud to have been part of this successful story since the company's founding and I would like to thank all employees and staff for their tremendous contribution over the years.

"Today, Alternative Networks faces rising demand from customers to procure, manage and support the complete chain of enterprise IT and communication solutions. The combination with Daisy will ensure that the Company is best placed to capitalise on future growth opportunities and remain the provider of choice for our customers."

Daisy chief executive Neil Muller added: "This announcement builds upon Daisy's successful acquisition strategy, to enable our customers to take advantage of digital technology in a converging world of business communications and IT.

"Alternative Networks is one of the largest independent providers of IT managed services and business-to-business communications in the UK and represents a strong and complementary strategic fit with the Daisy Group's existing business and operations. Having respected Alternative Networks for many years, we look forward to further enhancing our capability and scale across our chosen markets and we believe the combined group will be well positioned to increase its market share further and to continue to be the provider of choice for its customers and partners."

At 1:03pm:

(LON:AN.) Alternative Networks PLC share price was +47.38p at 332.63p