UK's Crimson Tide considering takeover proposal from Ideagen (updated)
21/06/2024 13:50
(Adds details on Checkit's proposals in paragraphs 3 and 4)
June 21 (Reuters) - Britain's Crimson Tide CTID.L said
on Friday it was considering a 20.5 million pound ($25.9
million) conditional takeover proposal from Ideagen after the
software firm rejected a revised offer from rival Checkit
CKT.L .
Crimson Tide said the 312 pence-per-share proposal from the
regulatory and compliance software company Ideagen was received
on June 14. It represents a premium of about 76% to Crimson
Tide's closing price on Thursday.
The software firm said it had a number of concerns over
Checkit's first proposal, including significantly undervaluing
the group. Checkit said some of these concerns were not
addressed to the board's satisfaction in the revised bid.
Both the Checkit all-share proposals did not contain a cash
alternative, Crimson Tide said.
Checkit did not immediately respond to a Reuters request for
comment.
($1 = 0.7910 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Mrigank Dhaniwala)
((abyjose.koilparambil@thomsonreuters.com))