Waterland no longer working with Giacom but still considering Gamma bid

(Sharecast News) - Dutch private equity firm Waterland confirmed on Friday that it's no longer working with Giacom regarding a possible takeover of Gamma Communications. Gamma said last week that it had agreed to be taken over by private equity firm Epiris in a £1.02bn deal.

The Sunday Times later reported that Waterland was planning to gatecrash the deal by formally launching a higher offer which would involve the sale of a chunk of the group to Giacom once the takeover was complete.

Gamma had announced last month that it was in preliminary talks with Waterland about a possible takeover that would involve Giacom buying some of its business divisions.

Waterland said on Friday that it "continues to consider its interest" in Gamma but there can be no certainty that any offer will be made nor as to the terms of any offer, if made. A further announcement will be made as appropriate, it added.

At 1545 BST, the shares were down 2.8% at 1,141p.

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