InterQuest turns down offer to buy from Chisbridge

Two independent directors of InterQuest have knocked back an offer to buy the technology recruiter led by a new company formed by the group’s leadership team.

Yesterday the board of Chisbridge, a newly set-up company created by InterQuest chairman Gary Ashworth, CEO Chris Elridge and chief financial officer David Bygrave, released a statement revealing they had made an offer for InterQuest valuing the group at 42p per share.

This statement was swiftly followed up by a statement from independent directors Paul Frew and David Higgins in which they revealed they had been advised by investment bankers Panmure Gordon that Chisbridge’s “unsolicited” approach to the company materially undervalued InterQuest and its future prospects.

Consequently, Frew and Higgins concluded they could not recommend the proposed offer for the business and that InterQuest shareholders take no action in respect of the proposed offer at this stage.

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