LONDON (Alliance News) - Writtle Holdings Ltd on Wednesday said that Tangent Communications has not provided the information required for the media services investor to carry out due diligence as it mulls a takeover offer.
Last Friday, Writtle said it was evaluating whether to make a formal offer for Tangent at no less than 2.75 pence per share, which would exceed the 2.25p per share offered by an entity led by members of the target's management team.
Shares in Tangent were down 6.0% at 2.35p on Wednesday afternoon.
Backed by Tangent's chairman, Michael Green, through his Portland Asset Management (UK) Ltd, the bid for Tangent is led by Chief Executive Officer Timothy Green, Chief Financial Officer Jamie Beaumont and Executive Director Nicholas Green.
At 2.25p per share, Tangent is valued at GBP6.7 million.
Tangent's independent directors recommended that offer two days before Writtle said it was interested in making a competing bid.
"Writtle and its advisers are concerned that due to the timetable obligations of the Takeover Code there is limited time available to them to make a formal offer. Writtle continues to hope that Tangent will provide the necessary information so that it can ascertain if a firm offer price of no less than 2.75p is supportable," Writtle said on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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