Novabase issued a statement to the Euronext Lisbon exchange stating that despite local press reports suggesting that a takeover bid is imminent, there is no agreement between the two companies for PT to buy the company’s shares.
Lisbon-based Novabase has over 1,000 employees in Portugal and Brazil that provide application development and systems integration services. In the first six months of 2005, Novabase increased net profit 5.7% to 3.7m euros ($4.5m) on revenue that rose 29% to 95m euros ($115m).
