Managed services group Phoenix IT has confirmed it is in talks with the board of ICM Computer about acquiring the firm.

In a statement to investors on Friday, Phoenix said: "There can be no certainty that these discussions will lead to an offer being made by Phoenix for ICM."

ICM said yesterday it had received an approach from an unspecified suitor, as well as authorising a team of its own executives to investigate a management buyout.

ICM, which provides business availability and has expanded its network in the last year, reported it expects turnover to be up 28 per cent for the last six months on the same period a year ago.

Phoenix bought NDR, another business continuity firm, in 2005. The division has performed well. ®

• Phoenix shareholders say yes to ICM bid (25 May 2007)
• Phoenix closes in on ICM (11 May 2007)
• Phoenix flies higher with ICM bid (28 March 2007)
• Phoenix makes tentative offer for ICM (16 March 2007)
• ICM Computer mulls management buyout (18 January 2007)
• Phoenix tears Stafford from BT (8 January 2007)
• Phoenix IT results show contract pain (27 November 2006)
• Phoenix coughs £30.25m for Servo (6 November 2006)
• Phoenix jacks up profits (18 May 2006)
• Phoenix profits better than expected (31 March 2006)
• ICM Computer refit will hit figures (7 March 2006)