LONDON (Alliance News) - Online printing and digital marketing company Tangent Communications PLC on Thursday hit back at Writtle Holdings Ltd after the latter had claimed the UK-listed company had not provided the information required to carry out due diligence on a possible offer.
On Wednesday, Writtle said Tangent had yet to provide this information, following on from its announcement on Friday that it was evaluating whether it would make a formal offer for Tangent.
Writtle is eyeing an offer of no less than 2.75 pence per share, more than the 2.25p which has been offered for Tangent by a company led by member of its management team. The current offer on the table values Tangent at GBP6.7 million.
But Tangent, on Thursday, said its independent directors have engaged with Writtle and are working on the information the suitors has requested in order to carry out its due diligence.
Shares in Tangent were untraded Thursday morning, having last traded at 2.35p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
