The company announced today (8 April) that it had decided not to proceed with its proposed 50p-a-share offer, which TMN had said "significantly undervalues" the company.
Nicholas Green, joint chief executive of Tangent, told PrintWeek that the company was unwilling to raise its offer.
"We identified a business we felt would deliver real opportunities to our customers and to theirs. Our original offer was at a 38% premium to the company's share price at the time of the bid," he said.
TMN's share price rose to 54p in the weeks following the bid putting pressure on Tangent to raise its offer.
Following Tangent's withdrawal, TMN announced it "remained in discussions with several parties", thought to include 3i, August Equity and, according to last week's Sunday Times, publishing group Trinity Mirror.
Tangent shelves TMN takeover plans
Tangent Communications has shelved its ambitious takeover bid for fellow AIM-listed e-marketing company TMN, as suitors thought to include Trinity Mirror lined up to buy the firm.
