Braveheart and Angle cross swords in takeover battle
Friday, July 18, 2008
The war of words between AIM-listed investment firms Braveheart and Angle reached fever pitch today with Angle rejecting a takeover approach and calling off all talks with Braveheart.
Feuding between the two sides dates back to early April when Braveheart said it was considering making an offer for Angle. The possible offer was rebuffed by Angle, which claimed any deal offered poor synergies and insufficient value for shareholders.
Yesterday Braveheart took a swipe at the Angle board for dragging its heels over releasing information and said Angle’s preliminary results, also released yesterday, suggested that the company’s portfolio was being managed for cash rather than to maximise its long term value. Braveheart also said the results suggested that the Angle business continued to be “severely cash constrained”.
Angle had previously criticised Braveheart for stalling on making any commitments over how much cash it would pump in to Angle’s portfolio should any deal go ahead.
Today Angle reiterated its concerns over synergies between the firms and stuck the knife in with jibes over Braveheart’s low liquidity and share price performance.
As a result it once again dismissed hopes of a deal and said it now wanted to “focus its attention exclusively on running the Angle business and seeking to maximise shareholder value in these difficult market conditions.”
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