In a statement to the ASX, the company reasons that it closed the process in relation to potential acquisition transactions with a number of parties, as it would not result in a transaction which is in the best interests of CSG shareholders.

The statement continues, “In this regard, the indicative, non-binding proposal announced on September 29, 2011 at $1.20 per CSG share did not result in an offer. The initial unsolicited proposal to acquire all the shares of CSG led to initiation of a process of engaging with all interested parties in the CSG businesses.”

According to the CSG board, this process has been costly, and despite best efforts, disruptive to both management and staff and created uncertainty with CSG’s customers. The company adds that the conclusion of the process will enable CSG management to fully focus on various growth opportunities in accordance with the strategy outlined in its AGM Presentation.

The statement to the ASX adds, “The CSG Board remains confident about the position and future prospects of CSG’s businesses in Australia and New Zealand.”

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