Mystery suitor bids for ASG

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Mystery suitor bids for ASG

Solutions provider ASG Group has entered a trading halt after receiving a buyout offer from an unnamed party.

ASG went into a trading halt today on the ASX after receiving the offer for $1.03 share. The offer would mean around $177 million in total, with ASG’s 172 million shares.

ASG has a market cap of around $116.2 million. It recorded $150.3 million in revenue for its financial year 2012, down from $153.3 million in FY2011. It expects a 15 percent revenue jump in its next financial year.

ASG did not reveal the identity of the interested party, saying only it was a “significant” IT services player.

Prior to the trading halt ASG’s shares sat at $0.67, $0.27 below this year's high.

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