Ideagen abandons pursuit of Crimson Tide, shares slide

11th Jul 2024 14:38

(Sharecast News) - Crimson Tide tumbled on Thursday as it said that Ideagen had decided not to make an offer for the group.

Shares in the company surged in June after it revealed it had received a non-binding proposal from Ideagen about a possible takeover at 312p a share, which would have valued the group at around £21m.

However, at 1440 BST on Thursday, the shares were down 36% at 172p after Ideagen decided to abandon its pursuit of the AIM-listed provider of mobile workflow management software "in view of other priorities".

"The Tide board of directors looks to the future with confidence and believes its range of pipeline opportunities provide a solid basis for another year of growth in FY24 and beyond," it said.

On 26 June, rival Checkit announced that it wasn't planning to make a firm offer for Crimson Tide after it rejected an improved proposal earlier in the month.