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Tangent Offer Wide of the Mark, Says TMN
In the UK, marketing group TMN Plc has reacted coolly to a £40m preliminary approach from Tangent Communications, saying that the proposed price 'significantly undervalues' the company and its prospects.
Since Tangent's advance (www.mrweb.com/drno/news8086.htm ), TMN - parent of iD Factor and ICD Research - says it has been contacted by several organisations expressing interest in acquiring the company.
The Board has formed an Independent Committee, led by Chairman Peter Harkness, to evaluate all possible offers, with CEO Mark Smith and CFO Craig Dixon charged with pursuing interest with potential equity buyers.
Yesterday, Mike Danson, former Chief Executive of Datamonitor, where Harkness was a non-executive Director until its £500m sale to Informa, bought up a 7.6% stake in TMN.
The firms are online at www.tmnplc.co.uk and www.tangentuk.com.
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