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UK's Crimson Tide considering takeover proposal from Ideagen

(Reuters) - Britain's Crimson Tide said on Friday it was considering a 20.5 million pound ($25.9 million) conditional takeover proposal from Ideagen after the software firm rejected a revised offer from rival Checkit.

Crimson Tide said the 312 pence-per-share proposal from the regulatory and compliance software company Ideagen was received on June 14. It represents a premium of about 76% to Crimson Tide's closing price on Thursday.

The software firm said it had a number of concerns over Checkit's first proposal, including significantly undervaluing the group. Checkit said some of these concerns were not addressed to the board's satisfaction in the revised bid.

Both the Checkit all-share proposals did not contain a cash alternative, Crimson Tide said.

Checkit did not immediately respond to a Reuters request for comment.

($1 = 0.7910 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Mrigank Dhaniwala)