SintecMedia’s bid for Pilat Media Global has lapsed even though acceptances reached 56.42%.
SintecMedia bid 26.5p a share for the developer of business management software for broadcasters but did not receive the 75% acceptances necessary to make the bid unconditional.
Shares in Pilat slumped 8.5p to 17p a share, which values Pilat at £10.1m.
Management says that Pilat can continue to prosper as an independent business. Pilat recently won a US contract with an initial value of $1.6m.
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