Intec pours cold water on takeover talk

Intec Telecom Systems, the telecommunications billing software provider, has denied reports it was in preliminary takeover talks with Oracle, the US software group.

Reports said that Charles Phillips, Oracle’s president, had met Kevin Adams, Intec chief executive, in central London earlier this month as a prelude to a £100m takeover.

However, Intec stated on Sunday that it was not in talks “with any party with regard to any possible offer for the company”.

Speculation about its future has dogged Intec for the past few months, particularly the intentions of General Atlantic Partners, which has a 21.1 per cent stake. Others, such as HG Capital, the private equity group, have been tipped to make a bid while Intec has also been linked with a management buy-out, backed by 3i, the private equity group.

Last week it was forced to make its second profit warning in four months after consolidation between major US telecoms groups continued to delay the signing of new contracts. As a result, it planned to defer recognition of £5.5m of licence fees where payments had yet to be received. The shares, which began the year at 71p, rose ¾p to 34½p.