Writtle announced it was considering a cash offer of not less than 2.75p per Tangent share on 12 February, subject to due diligence.

This is higher than the 2.25p buyback bid previously put forward by Tangent directors Tim and Nick Green, and chief financial officer Jamie Beaumont, who want to take the company private.

Yesterday afternoon (17 February) Writtle issued a statement saying that it was “disappointed” not to have received any information from Tangent despite the fact that five days had elapsed since its initial expression of interest.

Under the Takeover Code Writtle is entitled to receive any information that has also been received by Bidco (Tangent Holdings UK) or its financier Portland Asset Management, the Michael Green vehicle that is bankrolling the Tangent management team bid.

“Writtle has been informed that no information has been supplied to Bidco or Portland. Certain directors of Tangent are also directors of Bidco or Portland, and in their capacity as directors of Tangent, they would have access to the information that has been requested by Writtle,” Writtle's statement said.

Writtle chairman Robert Essex told PrintWeek: “We just want the same information that certain Bidco directors have in order to be able to evaluate a possible offer in the interests of all Tangent shareholders. We are aware the clock is ticking and require the information quickly. We have received a lot of encouragement from non-management Tangent shareholders.”

This morning Tangent Communications issued a further statement, which said: “The independent directors of Tangent note the announcement released yesterday by Writtle and wish to point out that they have engaged with Writtle and are working on providing the information requested by Writtle in order for it to carry out its due diligence.”

Tangent has not made any other communication bar the holding statement it issued after Writtle filed its possible offer. 

Tangent’s share price was down 6% at 2.35p at the time of writing.