Specialist IT staffing firm InterQuest Group has rejected another takeover offer by its existing management team.

InterQuest previously turned down a £16 million offer from Chisbridge, which was created by InterQuest Chairman Gary Ashworth, CEO Chris Eldridge and CFO David Bygrave for the purposes of making the offer. 

A 42 pence per share offer from the firm by Chisbridge Ltd was officially posted to InterQuest shareholders at the start of June. Chisbridge has stated that InterQuest's public listing on AIM and the volatility of its share price have caused concern to key personnel in the firm.

Meanwhile, InterQuest has received shareholder supporting the rejection of the 42p per share offer. The group stated that it had received non-binding letters of support from shareholders representing 20% of its shares.

"I am pleased to have received this strong, public support from these shareholders,” InterQuest independent director, David Higgins, said. “This serves to reinforce my position, as the sole independent director, in recommending the rejection of this offer which materially undervalues InterQuest. I therefore continue to recommend that shareholders take no action in respect of the offer and ignore the offer.”