Workflow management software provider Checkit PLC on Wednesday said it does not plan to make a takeover offer for software developer Crimson Tide PLC.

Checkit had made a £12 million approach earlier in June, but noted it had been ‘unequivocally rejected’.

Under the terms of that all-share proposal, Checkit would have offered 7 shares for every one held in Crimson Tide.

It then made another approach, upping the ante to nine shares, though that was also rebuffed by Crimson Tide.

Crimson Tide in June also disclosed it received a competing bid proposal from Ideagen, valuing Crimson Tide at 312 pence per share.

That cash bid valued Crimson Tide at around £21 million.

Crimson Tide shares fell 6.5% to 252.40 pence each on Wednesday morning in London, giving it a market capitalisation of £16.6 million. Checkit shares declined 2.4% to 22.45 pence each, giving it a market cap of £24.3 million.

Crimson Tide in mid-June said it was considering the offer from Ideagen, a provider of software company specializing in regulatory compliance solutions.

Copyright 2024 Alliance News Ltd. All Rights Reserved.