Best of the Best enters formal sale process after expressions of interest
Car and lifestyle competition operator Best of the Best reported a “heightened level of interest” in it on Wednesday, following its results for the year ended 30 April.
The AIM-traded firm said that included “very preliminary” expressions of interest, which could potentially lead to an offer or offers being made for it.
Its board said it had confidence in its long term prospects, but believed that it was in the best interest of all stakeholders to explore possible strategic options, including a potential sale, by commencing a formal sale process.
It said it believed the formal sale process would, in the context of a publicly listed company, best facilitate engagement with potential partners and the assessment of those expressions of interest.
“The board will assess the merits of expressions of interest received pursuant to the formal sale process, but wishes to be clear that there can be no certainty that any offer will be forthcoming or the terms of any such offer,” it said in its statement.
Best of the Best said it was now considered to be in an ‘offer period’ as defined by the Code, and had appointed Oakvale Capital as its financial adviser for the formal sale process, and finnCap as its rule 3 adviser.
At 1342 BST, shares in Best of the Best were up 11.04% at 1,388p.