LONDON (Thomson Financial) - TMN Group Plc. confirmed it is in talks
regarding the previously announced indicative cash offer for the company by
August Equity LLP working together with TMN executive directors Mark Smith and
Craig Dixon.
On May 19, TMN said it received an indicative cash offer of 70 pence per
share from funds advised by August Equity LLP.
In Friday's update, the online marketing and market research service
provider reiterated the indicative offer is still subject to satisfactory due
diligence so there is no certainty that a formal offer will be made or to the
terms on which an offer be might made.
Direct marketing company Tangent Communications Plc. pulled out of offer
talks with TMN on April 8 after making an offer valuing the group at some 50
pence per share in March. Since Tangent pulled out, shareholder Mike Danson
significantly increased his stake in TMN to 24 percent.
TFN.newsdesk@thomson.com
jro/slj
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