Guardian iT soars on takeover hopes
12 April 2012
GUARDIAN iT, the computer group that this week admitted accounting irregularities, has revealed it is in takeover talks. The shares surged 11 1/2p to 47 1/2p amid speculation that potential suitors could include US rival SunGard.
The disaster recovery specialist did not reveal its negotiating partner nor a likely price. Guardian owes a Barclays-led syndicate £ 110m, and has already warned it will be in breach of its banking covenants by next month.
It has also said that it will report a loss of at least £8m for 2001 after being forced to book more than £21m of previously unforeseen charges. Chairman Richard Raworth quit following the admissions, although the board has asked him to stay on until it has resolved the current crisis.
