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Tangent Ponders TMN Buy
In the UK, digital marketing group Tangent Communications is considering a c.£40m takeover bid for rival TMN, which owns research agencies iD Factor and ICD Research.
The offer is based on a price tag of around 50p per TMN share, payable through a mixture of cash and the issue of 2,572 new Tangent shares. Tangent stressed that talks are at an early stage, and there is no guarantee that its approach will lead to a formal offer being made for TMN.
Controlled by Michael Green, the former Chairman of Carlton Communications, Tangent is led by his nephews, Joint Chief Executives Nick and Tim Green.
The firm said in a statement that it has already received undertakings from investors Hargreave Hale and William Currie Group, whose combined TMN shareholding is 11%, to accept the offer if it becomes a formal approach - provided a higher offer is not received from a third party.
Nick Green explained that it has always been Tangent's intention to create a diversified marketing group which, combined, would be able to pitch for much bigger client contracts.
TMN says a further announcement will be made as appropriate. The firms are online at www.tangentuk.com and www.tmnplc.co.uk.
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