Tangent Holdings, known as Bidco, dramatically increased its offer for the group from £6.7m to £11.91m a week ago, in response to the rival bid from Writtle Holdings.
Writtle subsequently declined to increase its offer.
Bidco’s mandatory recommended cash offer has now been declared unconditional. It has received valid acceptances that represent almost 58% of Tangent’s issued share capital.
The offer remains open until 24 March.
Once Bidco holds at least 75% of Tangent shares it intends to de-list the business from the London Stock Exchange’s AIM market. It will also takes steps to compulsorily purchase any outstanding Tangent shares.
If it doesn’t reach 75% Bidco plans to call a general meeting and lodge a special resolution to de-list the £26.25m turnover business, which includes Ravensworth and Printed.com.
Tangent Communications’ share price was at 3.91p at the time of writing, down 0.01p.
Green is best-known as the multimillionaire co-founder, together with his brother David, of Carlton Communications. He is currently chairman of Tangent Communications. Two of the three directors involved with the Bidco plan to take it private are his nephews, Tim And Nick Green who are chief executive and executive director respectively. Chief financial officer Jamie Beaumont is also part of the buyout team.
Michael Green is providing an unsecured loan of £11,925,000 to facilitate the takeover, repayable over five years.
