Former stockmarket darling Baltimore Technologies announced late yesterday that it had taken itself off the market. In a statement the firm said the controlled sale process it started on May 22 has been closed and the firm is no longer in an offer period.
The firm said there had been offers for all of the company's share capital, but pursuing the offers would not allow for maximum returns to its shareholders. It said negotiations regarding the disposal of certain managed service related offerings would continue.
Bijan Khezri, Baltimore's chief executive officer, said, 'The software industry continues to represent a significant potential for consolidation worldwide. As the world's leading PKI-based authentication vendor for high-end applications in Finance and Government, we will continue carefully monitoring the situation and pursue negotiations regarding the disposal of managed service related offerings.'
In London, after the announcement, shares in Baltimore dropped by 13% to 36.5 pence sterling.
This new development raises the possibility of a management buyout of the firm.
