TMN shares up as bidding war is set to break out

by Staff, Brand Republic 14-Mar-08, 14:55

LONDON - TMN Group's shares have risen by more than 10% to a high for 2008, after it said that several parties have expressed interest in the company following news this week of a takeover approach from Tangent Communications.

TMN's shares were trading up by 6p today, to 57p -- a rise of 11.8% on yesterday's close and a high for the year.

In a regulatory statement, it said : "Since Tangent's approach, the company has been contacted by several parties expressing interest in acquiring the company.

"The board intends to explore all proposals fully as part of its duty to maximise value for TMN shareholders. The board has also granted permission to CEO Mark Smith and CFO Craig Dixon to pursue interest with potential private equity buyers."

According to the Financial Times, Michael Danson, who was formerly chief executive of Datamonitor, bought 5.2m shares in TMN yesterday, giving him a 7.6% stake in the company.

Earlier this week, Tangent emerged with a £40m bid, but TMN has said that the offer "significantly undervalues" the company.

TMN companies include full service digital advertising agency EDR, online fieldwork service arm ID Factor, and research analysis agency ICD Research.