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Lenovo Exploring Packard Bell Acquisition

8/20/2007 02:00:00 AM Eastern

Lenovo announced it is in discussion with an "independent third party" regarding a proposed acquisition of European computer company Packard Bell.

According to a release, Lenovo has entered into a memorandum of understanding with the unnamed third party "to explore the possibilities of the proposed acquisition." The company said it is negotiating with the third party and "undertaking certain necessary enquiries with [other] third parties and/or government bodies in preparation for the entering into of definitive agreements for such proposed acquisition."

The company warned its stockholders that the acquisition deal "may or may not materialize." However, if it does, the transaction may constitute a discloseable transaction under the Hong Kong Stock Exchange (HKSE) listing rules. Lenovo said further announcements would be made in compliance with HKSE listing rules.

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