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TMN bid talks off

Created:
17 July 2008
Written by:
Graeme Davies

The scarcity of credit has scuppered the management buyout bid at online marketing business TMN , sending its shares sharply lower. Management, backed by August Equity, had indicated a willingness to pay 70p a share for TMN but has been unable to find sufficient debt financing to support the offer, prompting the independent directors to pull the plug on talks.

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This means executive directors Mark Smith and Craig Dixon will have to reconcile themselves with running a public company for the time being. Chairman Peter Harkness say the board is "united in its confidence in TMN's future as a listed company".

IC VIEW:

FairlyPriced

TMN's shares have slipped 6.5p to 31p, although the fact its shares had already slipped so far from the indicative bid level suggests that most investors were already sceptical. Although trading is reported to be in line with expectations, there are few catalysts for the shares. Fairly priced.

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