Wyko confirms pounds 92m buyout talks

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WYKO, the UK-based industrial distribution and engineering group, confirmed yesterday it was in talks over a possible management buyout at 129p a share. The deal would value the company at pounds 92.2m. In a statement to the stock exchange, Wyko said: "The board of Wyko hopes to make a further announcement in the very near future regarding the group's plans."

The company said in February it was considering a range of future options for the group, including a management buyout, but did not disclose the value of such a deal. It is understood the management team is backed by Royal Bank Development Capital.