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

At the time the offer was made, 42.2% of shareholders voted in favour – though more than 50% is required for the management buy-out to be given the go-ahead.

In an update, released yesterday, Chisbridge revealed its offer now has the backing of 45.38% of shareholders. Shareholders now have until 13 July to back or reject the deal.

However, independent InterQuest director David Higgins, who is being advised by investment bankers Panmure Gordon, revealed he and other shareholders, whose stake in the business amounts to around 20.1% of shares, continue to reject Chisbridge’s offer on the basis that it “materially undervalues the company”.

In a further statement, also released yesterday, InterQuest Group said it plans to adopt a more prudent policy on dividend payments following weaker trading in recent months.

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