CNG confirms it receives approach which may lead to offer for the company

Kerry based travel company CNG has confirmed that it has received an informal and unsolicited approach which may or may not lead to an offer for the company. Just under 70 staff are currently employed at the company headquarters in Kenmare, and a further 280 across Europe and the United States. The company says that the approach is very preliminary in nature, and that there can be no certainty that an offer will ultimately be forthcoming. It says that a further announcement will be made in due course.They are advising shareholders to take no action in relation to the shareholdings in the company. Last month COG announced that its CEO Finbarr Power had resigned.They had earlier issued a warning that 2005 results would be below expectations, and said that a decision had been made to exit the consumer leisure sector, as the sector no longer matched the group`s strategic objectives.

SHARE