News

August Equity has withdrawn its 70p-a-share offer for the TMN Group - the online marketing company that was the subject of a bid from Tangent Communications in May.

The offer, which was withdrawn this morning, would have seen the private equity house take the group private from AIM, London Stock Exchange's junior market.

However, in a statement, the company said it had been unable to secure "sufficient third-party debt financing to support an offer acceptable to the board".

Tangent Communications' bid, which was worth 50p-a-share, began a bidding war which ultimately led the London-based digital printer and marketing company to withdraw from the race. At the time it said it was not prepared to be drawn into an "auction".

Nicholas Green confirmed to PrintWeek this afternoon that Tangent would not be interested in re-submitting a bid for the company.