Phoenix IT Group, a publicly-listed managed services company, has tabled a conditional offer to buy business continuity firm ICM Computer Group.

The firms announced in January that they were chatting. Phoenix has put in an offer equating to 415 pence per share. At the time this article went to press, ICM last closed trading at 386 pence per share.

Phoenix said in a statement that the offer was attractive for shareholders. It has asked for more information about ICM's customers before firming the offer up.

"Assuming satisfaction of the above and a successful and cooperative process going forward, Phoenix believes that it is in a position to make an offer for ICM in the very near future," the statement said.

ICM was not prepared to comment.

It is also considering a buyout buy its management team, Stephen Wainwright, Craig Fairey, and Anthony Granelli, who have yet to put in an offer.®

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• 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 IT confirms talks to buy ICM Computer (19 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)
• Phoenix IT survives EDS takeover at DWP (13 January 2006)