Baltimore denies takeover reports

Baltimore Technologies has denied reports it is on the verge of being taken over.

The internet security group said it was not in advanced take-over discussions with Computer Associates or any other company.

Last week Baltimore announced the resignation of its chief executive and deputy chairman Fran Rooney.

Shares in the company have plunged by more than 90% to around 20p from a boom-time high of £15 early last year. It has dropped out of the FTSE-100 index.

In a statement issued today, Baltimore said it was undertaking a major restructuring of its business operations so it can manage within its current cash resources.

The statement added: "While the board of Baltimore Technologies would consider any option that would be in the best interests of shareholders, the focus of the board and senior management team of the company at this time is on delivering the restructuring plan.''

Last week Baltimore confirmed it had received an approach from privately-owned Chantilley Corporation.

However, the firm said it was unlikely to result in an offer that it could recommend to shareholders.