The technology recruitment specialist was the target of a formal acquisition bid last month from Chisbridge, a company formed by InterQuest chairman Gary Ashworth, CEO Chris Eldridge and chief financial officer David Bygrave.

Chisbridge said on 1 June that the offer document had been sent to shareholders. 

InterQuest said this morning that the offer of 42p per share should be ignored.

It added: “InterQuest is today pleased to announce that it has now received non-binding letters of support from certain InterQuest shareholders holding, in aggregate, 7,548,799 ordinary shares of one penny each in the capital of the company representing approximately 20.1% of the existing issued InterQuest shares.

“These shareholders have each stated that they believe that the offer significantly undervalues InterQuest and that they support the rejection of the offer.”

Sole independent director David Higgins said: "I am pleased to have received this strong, public support from these shareholders.

“This serves to reinforce my position, as the sole independent director, in recommending the rejection of this offer which materially undervalues InterQuest.”

The 11 shareholders backing rejection of the offer are: River and Mercantile Asset Management; Livingbridge; Mole Valley Asset Management; Elderstreet Investments; Hazell Carr Edwards; Castlefield Investment Partners; Tim Fleetwood; Blankstone Sington; Charlotte Fleetwood; Daniel Goldblum; Tsippi Goldblum. 

The share price of InterQuest as of mid-morning today was 42.5p.

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