Slough, UK-based Microgen’s group finance director Mike Phillips confirmed that the company will not attempt to top TietoEnator’s improved offer of GBP 56m ($106.6m). Phillips said that in order to outbid TietoEnator, Microgen would have to increase its original offer of GBP 53.1m ($101.2m) by about 15%. He told ComputerWire: There comes a point when a company is only worth what it is worth.
This is not the first time Microgen has missed out on a major acquisition. In July 2004, the company tabled a bid for SAP consultancy Diagonal, but lost out to Morse. Having failed to acquire Diagonal, Microgen quickly completed a significantly smaller deal for banking software company AFA Systems.
