Siteserve is set to be sold for about 鈧�45 to an investment vehicle controlled by businessman Denis O鈥橞rien.
Siteserve said that neither the company, its board or its advisors ever received any formal approach or offer from . 鈥淎ny claims regarding a proposed formal and executable offer of 鈧�60m for Siteserv are spurious and vexatious,鈥� it said. 鈥淪iteserv regards these claims as opportunistic and unfounded.鈥�
It added that it received an informal communication from the Altrad subsidiary Belle Group at a very advanced stage in the sales process. 鈥淎n informal communication was also received from this subsidiary of Altrad in or around the completion of the transaction with Millington,鈥� it added.
鈥淪iteserv also notes that Altrad owns a competitor business Beaver 84 in the UK and has recently announced the acquisition of Generation Hire and Sales, which is also a competitor to Siteserv鈥檚 UK business Deborah Services Ltd.鈥�
The company goes on to say that it began a detailed exercise in 2011 to market the Siteserv business to a number of prospective buyers. A subcommittee of the board of directors was established to oversee the sale process. 聽
鈥淭he board of Siteserv believes that the proposed disposal of the Siteserv business to Millington represents the best conditions and price attaching to a possible sale of the business,鈥� said the announcement. 鈥淭hey are satisfied that the process was conducted in the best interest of the shareholders and stakeholders of Siteserv as a whole, and has recommended shareholders to vote in favour of the proposed disposal at the forthcoming EGM.鈥�
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