Checkit (AIM:CKT), the workplace monitoring and compliance software provider, said it is working to conclude the formal sale process it launched on 26 March.
The board has received several non-binding indicative proposals since then, all representing substantial premiums to the share price before the process began.
In the latest phase, the board ruled out any proposal below 30p per share.
"The board has maintained a disciplined approach to valuation throughout the FSP," Checkit said, adding it has only progressed talks with parties offering sufficient value and execution certainty.
Checkit, advised by EC M&A and Singer Capital Markets, said some bidders have carried out detailed due diligence, including direct engagement with management.
The board now aims to determine within weeks whether any remaining party can produce a proposal it could recommend to shareholders.
If no proposal capable of progressing to a firm offer under Rule 2.7 of the Takeover Code emerges, the board expects to close the sale process later this month, alongside its next results.
Checkit plans to publish interim results for the six months to 31 July by 30 September.
The company said its objective remains to maximise shareholder value regardless of the outcome, and cautioned there is no certainty any offer will be made.
News Intelligence what this means for the company
Checkit has set a 30p-per-share floor for takeover proposals as it enters the final phase of a formal sale process launched in March. The board has received multiple non-binding indicative bids, all at premiums to the pre-process share price, and will decide within weeks—around its 30 September interim results date—whether any remaining bidder can produce a recommendable offer or whether to close the process.
The 30p floor signals the board's valuation discipline but does not guarantee a deal; the outcome remains uncertain, and shareholders face a binary outcome by late September: either a board-backed offer at or above that threshold, or a return to the market as an independent company. The interim results will be the natural decision point.
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