Fast Search to Restate 2006 Results (As Predicted)

As predicted in this post, Fast Search & Transfer yesterday announced that it intends to restate 2006 results. See this Reuters story, entitled Norway’s Fast Says to Restate 2006 Results, for more. Excerpt:

“The effects of such restatements have not yet been established in detail, and Fast is taking appropriate steps to ensure a quick and proper process,” Fast Search & Transfer said in a statement.

“Restatements of the 2006 accounts may have an effect on the 2007 accounts,” the company said.

It’s hard to imagine that this will have any effect on the Microsoft offer, as a restatement was easily anticipated given all the account receivables write-offs, and one must assume that Microsoft learned plenty about Fast’s financials during the due diligence prior to their bid.

Forbes.com has a similar story on the restatement, here.