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Article: Cedar's last hope for profits rests with Alchemy.(Alchemy Partners)(Brief Article)(Statistical Data Included)
- Article from:
- Information Age (London, UK)
- Article date:
- February 10, 2002
CopyrightCOPYRIGHT 2002 Information Age Media Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It is every IT manager's nightmare: their trusted supplier descends from being a high-flying enterprise software and services vendor to a company on the brink of insolvency within six months. That is what has happened at Cedar Group of the UK. But alarmed customers were thrown a lifeline in January 2002 with an eleventh-hour rescue package from UK private equity group Alchemy Partners.
At its March 2000 peak, Cedar was valued at a cool [pound]964 million. But Alchemy is offering just [pound]3.8 million, underlining how far Cedar has fallen. If the Alchemy bid is rejected by shareholders, the only alternative will be to place the company in administration. The ...