Norway's EDB to make offer for TietoEnator -report

Mon Apr 21, 2008 11:25pm EDT
 
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HELSINKI, April 22 (Reuters) - Norwegian IT services company EDB Business Partner (EDBASA.OL) has approached the board of TietoEnator (TIE1V.HE) with 16.50 euros per share offer, Finnish daily Kauppalehti reported on Tuesday, without disclosing sources.

EDB made the offer on April 18 and TietoEnator's board has considered it, the report said, adding the bid could become public later on Tuesday.

"TietoEnator is a good fit for EDB. There is no doubt," EDB's vice-CEO Kristian Johansen told the paper, but declined to comment further.

On Monday, TietoEnator's board advised shareholders to reject the 15 euros per share bid from private equity firm Nordic Capital's Cidron Services. [ID:nL21469123]

TietoEnator said on Monday its board believed the IT services industry would see continuing organic growth but also restructuring and consolidation.

"Alongside with focusing on the implementation of the revised strategy, the board continues to consider, and is in active dialogue on, other alternatives to enhance shareholder value," TietoEnator said. (Reporting by Tarmo Virki; Editing by Lincoln Feast)

 

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