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Consultancy firm Science Group described as 'indefensible' a decision by defence contractor TP to reject its takeover approach.
Science Group confirmed that it had made an indicative proposal to TP on 12 August 'potentially offering a significant premium' to TP's share price at the time of 3.9p.
'In the context of the financial performance of TP Group, the obstructive approach of the TP Group board is indefensible,' Science Group said on Monday.
'For the avoidance of any doubt, Science Group has not withdrawn its interest in potentially making an offer for TP Group.'
Science Group added, however, that it was unlikely that it would be able to make an offer 'if the TP Group board continue to refuse to cooperate'.
'Science Group continues to encourage the board of TP Group to engage in a constructive manner,' it added.