ME Group exploring strategic options including seeking possible bids

ME Group International PLC on Wednesday said it is evaluating various strategic options including seeking potential offerors for the company.

However, the Surrey, England-based vending machine operator stressed it is not in receipt of any offer proposals.

In response, shares in ME Group, formerly Photo-Me International PLC, rose 6.4% to 224.50 pence each in London on Wednesday for a market value of £846.6 million. They had earlier traded as high as 230p.

Responding to the share price movement and media speculation, ME Group said it is ‘evaluating various strategic options to enhance shareholder value.’

‘One of the options being considered involves seeking potential offerors for the company,’ it said.

‘There can be no certainty that any firm offer will be made, nor as to the terms on which any offer might be made,’ it added.

As a consequence of the statement, ME Group is now considered to be in an offer period as defined in the Takeover Panel’s code.

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