Checkit - Potential bid for Crimson Tide

Checkit has announced a formal approach to the board of Crimson Tide, an AIM-listed provider of workflow management software, regarding a possible all-share offer for the company at a value of £12m. The Checkit board has attempted to engage the Crimson Tide board in constructive discussions several times over the last four years but discussions have never progressed. The company is announcing the terms of a possible offer to facilitate direct discussions with the shareholders of both companies before making a decision on whether to proceed with a firm offer. Checkit has until 5pm on 2 July to announce a firm intention to make an offer or announce that it does not intend to do so.

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