Cambridge's Checkit drops takeover bid for Kent's Crimson Tide
Tunbridge Wells-based Crimson Tide, the mobile business solutions firm, is no longer a takeover target for Cambridge-based AIM-quoted tech group Checkit plc.
In a stock market statement on June 26, Checkit said its board had confirmed that it "does not intend to make an offer to acquire Crimson Tide".
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It comes after the latter Tide had rejected a second approach for the company by Checkit.
The first Checkit offer in June was for seven Checkit shares for every Crimson share, while the second was an offer of nine, valuing the group at £12 million.
Crimson Tide has also received a non-binding proposal from Ideagen about a possible takeover at 312 pence a share, valuing the group at around £21 million.
Crimson Tide has developed the mpro5 app, which helps businesses manage workflows. It has said it was was considering the offer from Ideagen, which provides software for regulatory compliance solutions.
Crimson Tide was founded by Barrie Whipp in 1996, originally specialising in telecoms and developing CRM solutions. In 2006, IT floated on AIM via a reverse takeover of A. Cohen & Co. Plc.
