"Accept buy-out or face oblivion" - Cedar tells shareholders

NEWS Cedar, the Surrey-based CRM firm, has told its shareholders to accept Alchemy Partners' offer to take over the company. The alternative, Cedar said, is liquidation. Earlier this month Cedar accepted a £3.8m via Alchemy's acquisition vehicle, Redac. If the deal is not completed by next Monday Cedar will be forced to instigate insolvency proceedings. At the height of the technology stock boom, Cedar had a market valuation of £964.4m, but in September 2001 shares slumped 93 per cent in just two days after the company issued a profit warning.