Potential bidders for waste composting plants operator and installer TEG Group have until 20 February to decide whether or not to make an offer for the company.
KPMG Corporate Finance is handling the formal sale process. Interested bidders will have to enter into a non-disclosure agreement. KPMG is also considering potential financing at the operating company and project level.
TEG believes it can go it alone but a bidder with plenty of cash could help to accelerate growth.
Kier and Bridges Ventures have decided not to make an offer for TEG but there are other interested parties.
Peter Gyllenhammar has taken his stake in TEG to 3.2% following the purchase of 500,000 shares.
Market: AIM
Symbol: TEG
Price: 8.75p
12-month high/low: 28p/6.25p
Market cap: £10.3 million
