CNG chief King in bid for software company

CNG, the Kerry-based provider of software to the travel industry, said last night that chief executive PJ King has made an offer to buy the company.

In a statement issued after the stock market closed, CNG said Mr King and other members of its management team were willing to pay 14.5p (21.2c) a share for the company. CNG shares, which are listed on London’s Alternative Investment Market (AIM), closed at 8p yesterday, valuing the business at £4.7m (€6.8m).

CNG also said that non-executive directors Seamus Ross Jnr and Michael Smurift Jnr were backing the management buy-out team of Mr King and Barry Liben, the head of CNG’s US business Tzell.