By Kate Hanaghan, 11 March 2002 16:40
NEWS Web hosting firm Telecity's share price has been boosted by 20 per cent after it turned down a takeover offer from InTechnology. Media reports over the weekend confirmed Telecity had been approached by the data storage company with an offer of 18p per share. This compares favourably with Friday's closing price of 10.5p per share. But reports in the Financial Times suggested Telecity's management were unhappy with the offer and were holding out for 30p. This afternoon shares were sitting at 12.9p - up 20 per cent. Telecity's share price has slumped 97 per cent in the last year.
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