Baltimore rejects Chantilley approach

Irish internet security firm Baltimore Technologies today rejected an approach from UK hi-tech company Chantilley Corporation.

Privately-owned Chantilley approached the former FTSE-100 Index member earlier this month, requesting a meeting to discuss a possible all-paper offer.

But Baltimore has rejected any possible deal, claiming that "a combination with Chantilley would not add value to its customers, partners or shareholders".

It added: "Having considered the approach, the board of Baltimore believes that (Chantilley’s) technology will not enhance the company’s product offering to customers."

No firm proposal was put forward by London-based Chantilley, which also works in the technology security field and employs around 20 staff.

Baltimore employs 1,150 people in Ireland, the UK and the US.

The news comes only a day after Baltimore denied press speculation it was in advanced takeover talks with any other potential bidders.

The group had been linked to US software giant Computer Associates but it took the opportunity today to reaffirm that it was not in discussions with anyone.

Baltimore has had a bumpy ride over the last few months on the back of the technology slowdown.

Founder and chief executive Fran Rooney quit the firm earlier this month, after a year that has seen it announce job cuts and its share price slump.