Tangent calls off deal talks with TMN
Tuesday, April 08, 2008
Tangent Communications has ditched plans to proceed with its proposed offer for online marketing services group, TMN.
Rumours of a possible deal surface in early March, with Tangent conceding that talks were taking place. At the time TMN said it had received approaches from several other parties in connection with a possible deal.
Tangent noted that it had not incurred material costs in connection with the proposed offer. The company is due to post a results update in May, which it said would be in line with expectations.
TMN said it remained in discussions with several parties in relation to a potential offer for the company. However, it said that while satisfactory progress was being made, there could be no certainty that an offer would be made.
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