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Earthport in Baltimore bid

20 December 2004  |  2366 views  |  0 blurry men

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.

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