Ideagen abandons pursuit of Crimson Tide, shares slide

Crimson Tide tumbled on Thursday as it said that Ideagen had decided not to make an offer for the group.

Shares in the company surged in June after it revealed it had received a non-binding proposal from Ideagen about a possible takeover at 312p a share, which would have valued the group at around £21m.

However, at 1440 BST on Thursday, shares in the AIM-listed provider of mobile workflow management software were down 36% at 172p.

"Tide has today been informed that on reflection and after positive and constructive discussions between the parties Ideagen has concluded that they will not pursue an offer for Tide in view of other priorities," it said.

"The Tide board of directors looks to the future with confidence and believes its range of pipeline opportunities provide a solid basis for another year of growth in FY24 and beyond," it added.

On 26 June, rival Checkit announced that it wasn’t planning to make a firm offer for Crimson Tide after it rejected an improved proposal earlier in the month.