Majesco responds angrily to shareholder demands

Troubled publisher Majesco has rejected an offer by Trinad to purchase 2 million shares, accusing the stockholders' group of trying to take over the company without holding a majority share.

In an open letter, Majesco claimed Trinad was "effectively seeking to acquire control of the company without paying any consideration, let alone a control premium, to our shareholders."

Earlier this week, Trinad offered to buy USD 3 million worth of shares on condition that it be allowed to put forward three nominees for election to the company board.

According to Majesco, that would represent around 10 per cent of outstanding shares - Trinad already owns a 12.4 per cent stake in the company.

Despite a series of financial woes, Majesco has rejected the deal, stating that it has enough funds to meet its own needs. The publisher also believes that if required, a more favourable investment deal than that offered by Trinad could be sourced.