Alternative Networks, an AIM-listed UK business communications service provider, has announced that it received tender offers for 4.22m shares, meaning the offer was more than two times over-subscribed.

Under the terms of the offer, shareholders could tender all or part of their shareholding for cash to be acquired by Investec Investment Banking, for up to a total aggregate consideration of £5.0m.

The tender offer price of 251p was calculated as 105% of the average closing middle market price per share across the five business days prior to Friday 26th.

As such, Investec Investment Banking will acquire 1.99m shares at 251p which will then be cancelled, and qualifying shareholders who tendered their ordinary shares will be scaled back by 52.8%, and therefore will have successfully tendered 47.2% of the shares they tendered.

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