Earthport ditches Baltimore takeover bid

Earthport ditches Baltimore takeover bid

UK electronic payments firm earthport says it has abandoned plans to acquire former Internet security company Baltimore Technologies.

Earthport said in December it was considering making a cash and shares bid for Baltimore and was given until noon today by the Takeover Panel to make a move.

In today's statement earthport says the movement of AIM-listed Baltimore's share price means it is no longer in the best interests of its shareholders to proceed with an offer. Baltimore shares fell 197.50 pence, or 8.8%, to 2042.50 pence in mid-day trading.

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.

In today's statement, Earthport also says it intends to continue pursuing Baltimore for £4.5 million damages in relation to a deal signed between the two companies in 2001.

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