Tangent makes approach for TMN
Article Date: Mar 11 2008Marketing group Tangent has confirmed it has made a takeover approach for larger AIM peer TMN and already claims the support of three of the latter’s major shareholders.
The potential offer would value TMN’s shares, down from over 90p to a recent low of 33.5p in the past 12 months, at 50p. Tangent has claimed the support of two investors, Hargreave Hale and William Currie, and chief executive Nick Green promises that a third is on its way.
TMN has recently been on the acquisition trail, picking up AIM concern IBG for £9.8m and soon to complete the purchase of Dutch outfit Tapps for £5.7m, and may therefore be a reluctant participant in this new deal. In response to any potential unwillingness, Green countered that ‘boards have a responsibility to listen to their shareholders’.
He said that ‘it’s always been our intention to create a diversified marketing system’ and that the combined group would be able to pitch for ‘much bigger’ contracts, particularly including with his current clients.
A meeting between the two companies is tabled for tomorrow, after which TMN, currently muted by takeover regulations, is expected to respond.
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