TMN receives £40m approach from Tangent Communications

by Staff, Brand Republic 13-Mar-08, 14:20

LONDON - Tangent Communications, the marketing services group backed by former Carlton TV chairman Michael Green, has made a £40m takeover approach for direct, data and market research group TMN.

TMN, which is headed by chief executive Mark Smith, owns email and website marketing agency TMN Media, full service digital advertising agency EDR, online fieldwork service arm ID Factor, and research analysis agency ICD Research.

It also acquired Internet Business Group for £9.8m in December and Dutch online direct marketing agency Tapps for up to £7.9m in January.

Tangent's potential offer is pitched around 50p per TMN share, payable in a mixture of cash and Tangent shares.

Tangent said it has received acceptances from two investors in TMN which own around 11% of the company, on condition that TMN does not receive a higher offer from a third party.

Michael Green has a 32% stake in Tangent, which is run by his nephews Nick and Tim Green.