LONDON (Alliance News) - Tangent Communications PLC Monday said its shareholders should take no action over the potential takeover offer from Writtle Holdings Ltd.
The agreed takeover of Tangent Communications by three of its executive directors was disrupted on Friday after investment and management services company Writtle Holdings Ltd said it was considering making a cash offer at a higher price.
Writtle said its offer would be for "at least" 2.75 pence per share, but has yet to make a formal offer. That price is significantly higher than the 2.25 pence offered by the company's three directors.
Tangent Chief Executive Officer Timothy Green, Chief Financial Officer Jamie Beaumont and Executive Director Nicholas Green made an offer of 2.25 pence per share for Tangent Communications, which was backed by the other directors at the company that are independent of the bid.
Last Wednesday, Tangent Communications said the current offer made by three of its executives had received acceptances in relation to 154.1 million shares, or around 55.51% of the company's issued share capital.
On Monday, Tangent said: "Tangent shareholders are advised to take no further action pending release of a further announcement by the independent directors."
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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