LONDON (Alliance News) - Online printing and digital marketing company Tangent Communications PLC on Monday said it has withdrawn its recommendation for the bid made for the business by its management team after it agreed a deal with media and marketing investor Writtle Holdings Ltd.
Under the terms of the Writtle deal, Tangent shareholders will get 3.0 pence per share in cash, valuing the company at around GBP8.7 million in total and a 33% premium on the 2.25p per share offer made by the management team's Tangent Holdings UK Ltd vehicle.
Tangent shares were up 22% to 2.89999p early Monday, one of the best performers in the AIM All-Share.
Tangent said the new offer from Writtle will provide the most value for Tangent shareholders and withdrew its recommendation for the rival bid.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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