January 20, 2012 8:28 pm

IndigoVision battle ends as offer withheld

A battle for control of IndigoVision ended on Friday after Scottish Equity Partners, together with Oliver Vellacott, decided not to make an offer to acquire the Scottish CCTV maker.

Mr Vellacott, founder and major stakeholder in IndigoVision, left the company as chief executive in December after a disagreement with the board that appeared to be related to the fact that Mr Vellacott had been in discussions with SEP about taking IndigoVision private.

The Glasgow-based venture capital fund was one of IndigoVision’s first private investors before it joined Aim.

During these discussions, SEP acquired a 6 per cent stake in IndigoVision, which together with Mr Vellacott’s 22.9 per cent stake, gave the two parties a nearly 30 per cent stake, which required them to formally state their intentions for a takeover on December 23. They were given until Friday to make an offer or walk away.

Under market rules Mr Vellacott and SEP will be restricted from making another offer for six months.

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