Tangent Holdings (Bidco) announced today that its increased cash offer for Tangent Communications has now received acceptances that represent nearly 86% of Tangent Communications shares.
Bidco said it planned to delist Tangent “on or shortly after 27 April”, with trading in Tangent shares to be cancelled from 8am on 27 April.
It is urging shareholders that have not yet sold up “to do so immediately”. The Bidco offer has been extended until 26 April, after which time Bidco will move to acquire any outstanding shares compulsorily.
Tangent will be re-registered as a private limited company “in due course”, Bidco stated.
As at 24 March Bidco had purchased shares that represented 23.66% of the relevant shares, and had valid acceptances of its offer relating to a further 62.23%.
Bidco, which is backed by Tangent Communications' multi-millionaire chairman Michael Green, increased its initial £6.7m offer for the PLC to £11.91m in response to the rival £8.7m bid tabled for the group from Writtle Holdings.
Tangent's operations included Printed.com, Ravensworth, T/OD and Tangent Snowball.
