CSG in trading halt

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CSG in trading halt

CSG has requested a trading halt today ahead of a proposed transaction, reigniting speculation the company is once again in negotiations with a potential buyer.

The print services and IT integrator told investors this morning an announcement would be made before the end of trading today. It requested the ASX grant a trading halt due to the “material” nature of the announcement.

CSG declined to comment on the nature of the transaction.

In September last year the company announced an unnamed suitor had offered $1.20 a share for the company. CSG's share price at close yesterday was $0.63 per share. 

By December, CSG announced the deal was off, citing board dissatisfaction with the offer.

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A CSG spokesperson told CRN at the time the process had been costly, disruptive and created uncertainty amongst the company's customers.

CSG's fast-growing print services division is a jewel in the company's crown. Speculation has grown that one or more global printer makers is coveting the asset.

The division contributed $222.8 million of CSG's total revenues for the last financial year of $388.6 million.

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