LONDON (Alliance News) - The directors of Tangent Communications PLC Monday said that their takeover bid for the London-listed online printing and digital marketing firm has received acceptances or has agreed to acquire shares representing around 47.99% of its issued share capital.
Three directors of the company fended off a rival offer from media and marketing firm Writtle Holdings Ltd last week. Tangent Chief Executive Officer Timothy Green, Chief Financial Officer Jamie Beaumont and Executive Director Nicholas Green, through a vehicle, made an offer of 4.0 pence per share, trumping rival Writtle's offer of 3.0 pence.
Writtle subsequently withdrew, and the independent directors of Tangent withdrawn their recommendation for the Writtle offer, instead announcing they intend to unanimously recommend the increased offer.
Shares in Tangent Communications were up 0.1% at 3.88 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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