Gamma shares up with Waterland Private Equity, Giacom in bidding pool

Gamma Communications PLC on Friday confirmed it is in discussions with a Dutch private equity firm interested in buying the company, building on several months of takeover speculation.

Shares in the London-based provider of cloud communications and voice services jumped 7.9% to 1,046.00 pence each on Friday morning in London, after it named Waterland Private Equity Investments BV and Giacom Group as potential suitors.

Waterland is a Bussum, Netherlands-based private equity firm and is acting in concert with London-based telecommunications service provider Giacom, which Gamma had previously disclosed as interested in buying parts of the company.

Gamma noted that talks remain at an early stage, with no certainty that a takeover offer will materialise.

Waterland has until September 18 to declare a firm intention to make an offer, or walk away.

Early this month, Gamma extended the put-up-or-shut-up deadline for Epiris LLP, a London-based private equity firm.

Epiris has until September 2 to confirm its intentions, though Gamma has already extended the deadline for Epiris twice before, to July 8 and then again to August 5.

Gamma first announced on May 15 that it was in "preliminary" talks with Epiris. In June, Gamma reported a possible offer from a consortium made up of Rhode Island, US-based private equity firm Providence Equity Partners LLP and Epiris, to make a joint offer. Providence dropped out on June 24.

Also in June, London-based PE firm Oakley Capital backed down from making an offer for Gamma, which it had been considering in concert with Giacom.

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