One More Thing:While Maurice Healy and other members of the management team at Calyx put the final touches to their buyout proposal, Davy Corporate Finance has been putting out the feelers for alternative bidders.
Significant consolidation is currently under way in the IT networked solutions market. Calyx itself completed three acquisitions in 2006 for a combined €75 million.
With roughly 30 per cent of Calyx's shares, however, Healy holds the whip hand. It is understood that he is being advised by Deloitte in the UK and he is thought to be looking for both bank funding and a private equity partner. Anglo Irish Bank has been mentioned in relation to providing some debt.
Details of the bid should emerge in the next week or so.
Calyx's shares have been stuck at €1.43 for a few days. Given that the shares closed at €1.53 on March 13th, when Calyx first advised the market of a possible approach, a bid above that level is the least that shareholders might expect from Healy.
