CSG approached in takeover bid

in brief An unnamed company has approached IT services company CSG Group with a bid to acquire all of its shares.

CSG Group issued a release to the Australian Stock Exchange today, notifying the market of the unnamed buyer's intentions.

"CSG Limited announces that it has received a non-binding, indicative and confidential proposal to acquire all of the issued fully paid ordinary shares of the company by way of an off-market takeover offer," the release said.

CSG's statement added that the proposed offer price per share is $1.20. The board has not yet formed a view on the takeover offer and recommends shareholders "take no action" at this time.