Shares digital

A bidding war for internet media company TMN (TMN:AIM) is on the cards after the board said it had been contacted by several other interested parties following the offer made by Tangent Communications (TNG:AIM) just over a week ago (11 March). TMN believes the bid, worth around 50p a share at the time of the offer, undervalues the company, while directors are also unimpressed that less than 40% of the offer is in cash, the remainder will be come in Tangent shares. Chairman Peter Harkness is heading up a committee to evaluate other potential offers and seems to be taking a defensive stance with his former colleague at Datamonitor, ex ceo Mike Dawson taking a 7.6% stake in TMN.

Shares says: : TMN shares have shot up on the news and are worth holding in the hope a bidding war ensues.

by: Susanna Twidale