11th Jul 2024 16:00
(Alliance News) - Crimson Tide PLC on Thursday said Ideagen Ltd will not be making a takeover offer, the second firm to walk away after workflow management software provider Checkit PLC did so earlier last month.
Kent, England-based Crimson Tide, the provider of the mpro5 workforce process management application, said Ideagen "no longer intends to make an offer". It explained this followed "positive and constructive discussions between the parties".
Ideagen, a provider of software company specializing in regulatory compliance solutions, "will not pursue an offer for Tide in view of other priorities", Crimson Tide said.
Crimson Tide in June disclosed it received a competing bid proposal from Ideagen, valuing Crimson Tide at 312 pence per share. That cash bid valued Crimson Tide at around GBP21 million.
Last month, Checkit also ruled out a takeover offer. Checkit had made a GBP12 million approach earlier in June, but noted it had been "unequivocally rejected".
Under the terms of that all-share proposal, Checkit would have offered 7 shares for every 1 held in Crimson Tide.
It then made another approach, upping the ante to 9 shares, though that was also rebuffed by Crimson Tide.
Crimson Tide shares were down 34% to 176.88 pence each in London on Thursday afternoon. Checkit was down 1.3% at 24.68p.
By Eric Cunha, Alliance News news editor
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