Tanfield Finds a Potential Buyer for Snorkel

Tanfield Group PLC announced it has found a potential buyer for Snorkel, its aerial work platform division.

According to reports from the Tanfield board of directors, sufficient progress has been made on the structure and broad terms of an acceptable proposal for the sale of Snorkel, that it has granted the preferred potential purchaser a short period of exclusivity in which to complete its due diligence. The goal is to form a contract that will be executable subject only to shareholder approval.

The preferred potential buyer has not yet been named.

This latest announcement follows a July statement from Tanfield that said there were a number of potential buyers taking part in the negotiation of a sale and purchase agreement.

The company first made public its intentions to sell Snorkel in February this year, when it said it had been approached by a number of interested parties.