IN BRIEF: Checkit shares jump by third as starts formal sale process

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Checkit PLC - Cambridge, England-based workflow management software provider - Launches formal sale process, citing a ‘disparity between the company’s improving performance and its valuation on AIM’. Hires Singer Capital Markets to help the board to find buyers for the company. Checkit says it has received six unsolicited expressions of interest from ‘a range of credible international parties’ over the past nine months. These have included both ‘private equity sponsors and strategic acquirers’, the company says, though it says it isn’t and hasn’t been in active discussions with any of the parties about a possible takeover offer. The formal sale process will allow Checkit to ‘widen the audience’ of potential buyers and provide more flexibility with regards to the UK takeover code, it says, both aimed at maximising any sale price.

Current stock price: 19.00 pence, up 33% in London on Thursday morning

12-month change: up 36%

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