Then in May 2008, two TMN directors, CEO Mark Smith and CFO Craig Dixon, put together a £52.8m management buy-out offer for the business, backed by August Equity. Following the Tangent offer, withdrawn in April 2008, founder and former Datamonitor CEO, Mike Danson had built a 27% shareholding in TMN. The MBO failed after August Equity could not secure the funding needed.
In May 2008, two key figures at TMN, CEO Mark Smith and CFO Craig Dixon, worked together on a £52.8m management buy-out proposal for the company, backed by August Equity. After Tangent's offer had been withdrawn in April 2008, Mike Danson, the founder of TMN and former Datamonitor CEO, had acquired a 27% shareholding in the business. The MBO effort ultimately failed due to August Equity's inability to secure the required funding.