Checkit abandons pursuit of Crimson Tide

(Sharecast News) - Checkit said on Wednesday that it does not plan to make a firm offer for rival Crimson Tide after it rejected an improved proposal earlier in the month.

"Further to the announcement made by the company on 4 June 2024 in connection with a possible all-share offer for Crimson Tide plc and the subsequent announcements made by Crimson Tide on 5 June 2024 and 21 June 2024, the Checkit board confirms that it does not intend to make an offer to acquire Crimson Tide," it said.

Checkit made two approaches to Crimson Tide. The first was an offer of seven Checkit shares per Crimson share, while the latest was an offer of nine, valuing the group at £12m.

Shares of Crimson Tide surged last week after it revealed it had received a non-binding proposal from Ideagen about a possible takeover at 312p a share, which would value the group at around £21m.

At 0855 BST, Crimson Tide shares were down 6.5% at 252.40p.