LONDON (Alliance News) - Three executive directors of Tangent Communications PLC Wednesday made a takeover offer for the company that values it at around GBP6.7 million.
Chief Executive Officer Timothy Green, Chief Financial Officer Jamie Beaumont and Executive Director Nicholas Green are making the offer at 2.25 pence per share, a 64% premium to the company's closing share price of 1.38 pence on Tuesday.
Shares in Tangent Communications were up 51% at 2.08 pence Wednesday morning, giving the stock a market capitalisation of GBP6.0 million.
The directors of the company who are independent from the bid, Kevin Cameron and Nigel Kissack, intend to unanimously recommend shareholders accept the offer. The offer has received acceptances in relation to 154.1 million shares, or around 55.51% of the company's issued share capital.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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