Shares in Stentor, the Irish telecommunications company, have been suspended on the London Alternative Investments Market (AIM), as the firm is in negotiations on a possible takeover. A statement from the company said that it was in discussions on a reverse takeover, which would leave Stentor as the minority partner in a newly merged company, if the deal goes ahead.
A statement from the company said that the acquisition "if effected, will constitute a reverse takeover of Stentor under the AIM rules". The chief executive of the company, Mr Patrick Cruise O'Brien was not available for comment last night. A statement from the company is expected at some stage today.
Before trading in the shares was suspended, they had risen 30.5p to 196.5p in a busy trade. Industry sources say that Stentor may plan to merge with another telecommuncations company.
The company had been planning to float on the Developing Companies Market in Dublin. Sources suggest this was postponed due to the possibility of completing the acquisition. Stentor offers private phone network services to Irish customers through switches in the United States and elsewhere. Stentor's latest results showed losses of £1.6 million in the six months to September 30th, 1997.
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