UK distributor o2o has reached an agreement with TripleArc to takeover the company for  6 pence per share, amounting to approximately £12.4 million. This represents a premium of approximately 135.3 per cent. over the closing price of 2.55 pence per TripleArc share on 15 April 2008 (being the last business day prior to the announcement by TripleArc of a possible offer). TripleArc provides print management and business process outsourcing services in relation to all forms of printed communication.

 

TripleArc will form the core of the enlarged group's business services division and the acquisition is an important first step in the creation by o2o of a significant presence in the business services sector.

 

Commenting on the Offer, Simon Moate, Chief Executive Officer of o2o, said:

"TripleArc is a leading player in the print management and business process outsourcing sectors with, we believe, a strong and sustainable business model, providing an excellent platform for growth.  However, its ability to capitalise on growth opportunities has been hampered by historical debt issues.  These issues will immediately be alleviated on acquisition by o2o and we are confident that TripleArc will considerably accelerate our growth in the business services arena.  o2o currently has a small print management offering, which will be integrated into TripleArc.  This, combined with immediate synergies, gives the Enlarged group greater balance with a highly complementary product and service offering."