ACQUISITOR Holdings, the largest investor in Baltimore Technologies, is demanding substantial damages from the company over claims of libel and defamation.

Rebel shareholder Acquisitor, which has been highly critical of Baltimore Technologies' management team, has taken its stake in the company to more than 16%.

Bermuda-based Acquisitor Holdings has increased its stake again in the former online payments firm Baltimore Technologies to 15.35%.

Baltimore Technologies said today that the Extraordinary General Meeting requested by its largest shareholder, Acquisitor Holdings, is to be held on 6 May.

BALTIMORE Technologies will today announce plans to reinvigorate the company in the face of further criticism from its largest shareholder.

Bermuda-based Acquisitor Holdings has said it has acquired a further 655,000 shares in Baltimore Technologies and now holds a 11.4% stake.

A struggle has broken out for control of Baltimore Technologies, the former £5.2bn (€7.7bn) dotcom success, after its biggest shareholder, Acquisitor Holdings, said it plans to call an extraordinary meeting at which it intends to seek the removal of the entire Baltimore board.

Investment fund Acquisitor Holdings has again increased its stake in Baltimore Technologies to over 8%.