Braveheart Investment, the Scotland-based syndicate of business angels, said that it could still make an offer for takeover target Angle - even after the English technology investor said it was "unilaterally" withdrawing from talks.
Braveheart Investment, the Scotland-based syndicate of business angels, said that it could still make an offer for takeover target Angle - even after the English technology investor said it was "unilaterally" withdrawing from talks.
Perth-based Braveheart, which first signalled that it was considering making an all-share recommended offer for Angle on April 9, fired a warning shot across the bows of Angle earlier this month, saying it would walk away if it remained "unwilling to open its books".
In the protracted war between the two parties, Angle yesterday said it had ended talks with Braveheart and cited concerns over valuations and the lack of synergy between the two businesses.
It said: "After careful consideration of the issues and of the interests of Angle shareholders as a whole, the board of Angle has unanimously concluded that the Braveheart possible offer is not in the interests of Angle shareholders as a whole."
However, following the withdrawal, Braveheart yesterday countered that it was now "considering its options, which may include making an offer for Angle".
It also said Angle has eight "substantial" shareholders with stakes of more than 3%, and that it had received written support from five of these shareholders.
The remaining three big shareholders comprised one institutional investor and one individual investor, who together represent less than 10% of the issued share capital, and Andrew Newland, Angle chief executive, who holds around 25% of the company.
Over the past few months, Braveheart and Angle have been slugging it out in a war of regulatory statements to the London Stock Exchange.
One statement last month claimed a Braveheart announcement "contains a number of factual inaccuracies".
At the same time, the Scottish group yesterday requested access to Angle's books "without delay", which it said it needed to help make a recommended offer for the company.
Surrey-based Angle had added that it continued to hold shareholder meetings to discuss its positive preliminary results, which were announced earlier in the week, and insisted it would provide a formal response "as soon as reasonably practicable".
That response came in the form of yesterday's withdrawal.
Meanwhile, Braveheart yesterday said there could be no certainty that an offer would be made, and it would be a precondition to making an offer that no material adverse findings arose from due diligence.
Angle previously said it had received a possible offer of 60p for each Angle share payable in Braveheart shares.
