3rd Jul 2015 06:23
LONDON (Alliance News) - Payments technology company Eckoh PLC on Friday said it has pulled out of its bid for software company Netcall PLC after failing to secure the support of a major shareholder in the target.
Eckoh made a bid for Netcall at the end of June, comprising 1.25 Eckoh shares plus 13 pence in cash for each Netcall share, implying a value of around 63.94 pence per Netcall share. Netcall shares surged on the news.
But Eckoh said the deal has now collapsed following consultation with Netcall shareholders after it was unable to secure the support of a key Netcall shareholder for the takeover bid.
"The boards of both companies are disappointed with the outcome," Eckoh said in a statement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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