Tekmar To Finalize Proposal For Sale Process/strategic Review With Undisclosed Party

Tekmar Group Plc (TGP.L), a British provider of subsea protection systems for offshore energy markets, said in an update on Thursday that it has granted a 60 day-period for an undisclosed party to finalize its proposal to infuse funds or acquire the company.

"The exclusivity period relates only to alternate debt or equity financing proposals and, for the avoidance of doubt, does not prevent an offer being made for the company by a third party under the framework of the company's formal sale process," the Group said in a statement.

Tekmar's move follows a strategic review initiated by the Board earlier this year to seek a suitable partner to boost its opportunities for growth and further strengthen its balance sheet.

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