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Phoenix IT Group, one of the leading providers of business continuity services to the UK market, has announced that it is in advanced takeover discussions.

In a statement issued on 21st May 2015 Phoenix IT Group says that the company has received an approach from Daisy Group Limited and Toscafund Asset Management LLP, regarding a possible recommended cash offer for the entire issued and to be issued share capital of the Company at a price of 160 pence per share.

The statement also says that the board of Phoenix “has indicated to Daisy that it is willing to recommend the key financial terms of the Possible Offer to Phoenix's shareholders, subject to finalising the other terms and conditions of any offer.”

In accordance with stock market rules Daisy must announce a firm intention to make an offer for Phoenix by 5pm on 18th June.

Read the full statement.

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