Port Vale: Synectics Solutions still keen to buy relegated club after two rejected bids
Staffordshire IT company Synectics Solutions remain hopeful of buying Port Vale, despite having two bids rejected.
He also rejected a rival bid from Manor PC's Kevin Jones, saying: "I do not anticipate any further dialogue with either party with regard to the sale."
But Synectics insist that they are "as keen as ever" to buy the club.
Smurthwaite claimed that the Burslem-based company's second offer, if accepted, "could have had serious financial implications going forward for Port Vale".
But, in a statement of their own, Synectics said: "Our initial offer of £1.25m was based on the information we had at that time.
"Subsequently, Norman informed us that there were potential, additional short-term revenues which would increase the value of the club.
"In light of this information, we increased our offer subject to full disclosure prior to any deal being agreed. This increased offer did not impact our funding plans for running the club. It would not have caused serious financial implications as alleged.
"We are incredibly disappointed that we were unable to reach an agreement at this time. However, we remain as keen as ever to buy the club should the opportunity arise in the future."
Smurthwaite and ex-business partner Paul Wildes paid £1.25m when buying Vale out of administration in 2012.
Vale, who last week confirmed the appointment of Michael Brown as manager, were relegated on 30 April after four seasons in League One.
As part of Jones' rival offer, his father Alan would become chairman, while former Vale player and manager Brian Horton, 68, and ex-Tranmere and Rotherham manager Ronnie Moore, 64, would be brought in as directors of football.