A bidding war is underway for Tangent Communications after the Michael Green-backed Bidco team upped its offer for the business in the face of the rival Writtle deal that is on the table.
Tangent Holdings (Bidco) has significantly increased its offer in response to the Writtle Holdings offer filed at the beginning of this week.
Bidco is now offering 4p a share for the PLC, valuing Tangent at £11.91m.
The original Bidco offer expired at 1pm today (4 March), requiring the team to either back down or up their offer.
The new Bidco offer is a 190% premium on the Tangent share price immediately prior to the first Bidco offer.
Tangent’s share price jumped 39% to 4p on the news.
In a statement announcing the increased cash offer, Bidco said it would be financed entirely from an £11,925,000 facility made available to Bidco via Michael Green’s investment vehicle Portland Asset Management UK.
Green is Tangent Communication’s chairman, and the uncle of its chief executive Tim Green and executive director Nick Green, who are also part of the Bidco team along with chief financial officer Jamie Beaumont.
PrintWeek was unable to reach Writtle chairman Robert Essex for comment at the time of writing.