IVE Group, the largest heatset printer and diversified marketing firm in Australia, has announced it is making moves to acquire all or substantially all of stricken catalogue printer, Ovato.

A statement from IVE Group Executive Chairman Geoff Selig was tendered to the ASX today.

It confirms IVE has announced entry into an Implementation Deed with Ovato’s administrators, FTI Consulting. The statement says the Implementation Deed involves the acquisition of “all or substantially all, or a material part or parts of, the business or assets of Ovato and its subsidiaries”.

Clearance from the Australian Competition and Consumer Commission (ACCC) is required in order for the proposed deal to proceed, the statement says.

“While ultimately it is a matter for determination by the ACCC to grant clearance, and noting that there can be no assurance that clearance will be granted, IVE’s view is that there are strong arguments to support competition clearance for the Proposed Transaction,” Selig said in the statement.

“IVE understands that the ACCC will shortly commence market enquiries in respect of the Proposed Transaction.”

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