Earthport in Baltimore bid
20 December 2004 | 2330 views | 0
UK electronic payments outfit earthport says it is considering a possible offer for Baltimore, the one-time security tech stock star and cash shell.
In a brief statement, earthport says: "Earthport intends to approach the board of Baltimore in the next few days with its proposal and to seek a recommendation. Any proposal would involve a mixture of cash and shares in earthport."
Late last month, Baltimore initiated legal efforts to force earthport to lodge security to defray the legal costs arising from a £13m lawsuit filed against Baltimore earlier this year.
Earthport has been pursuing Baltimore for damages in relation to a deal signed between the two companies in 2001.
Baltimore is planning to de-list from the Stock Exchange and consolidate its share structure in anticipation of a future disposal of the business and its remaining assets.