Wakebourne, the loss-making computer reseller and maintenance group, has asked for its shares to be suspended on the UK stock exchange, "pending a clarification of its financial position".
The company said it is in discussions with a potential bidder but that any offer would be "substantially below Wakebourne's current (10p) share price".
Wakebourne's banker, The Bank of Scotland, would also need to agree to any takeover, the company said in a statement to the stock exchange.
"It's make or break time for the company," an industry analyst said. "Wakebourne's market cap is #2.4 million. With an offer of 5 or 6p, The Bank of Scotland may think it is better off putting the company into receivership and liquidating the assets."
Wakebourne has had a negative net worth for three years. The company made pre-tax losses of #3.3 million on sales of #36.7 million in the year to December 1995. In February, 1997 it lost a long-standing maintenance and supply contract, worth #4 million, with the Halifax Building Society.
The company is a Compaq Systems Service Provider and a top-tier Novell reseller. It also owns an #8 million book of IT maintenance contracts.
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