Baltimore Technologies shares sunk 16 per cent this morning after the company snubbed a bid approach by Chantilley Corporation.
Baltimore said the proposed all-paper deal would not add any value. It said Chantilley, a small unlisted British firm, had made no firm offer for the company, that it had declined to meet Chantilley and did not plan to hold any further talks.
Baltimore's shares have plunged over 90 per cent since early last year, and some investors are eager for a buyer to rescue them from the share register.
In early morning action, the stock was down 14.7 per cent, or 5p, at 29p.