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TMN in Management Buy-Out Talks
In the UK, digital marketing group TMN, which owns research agencies iD Factor and ICD, is in talks with private equity firm August Equity over a possible £38.5m management buy-out led by CEO Mark Smith and FD Craig Dixon.
Last month, rival firm Tangent Communications pulled out of talks to acquire TMN. At the time, it was rumoured that newspaper publisher Trinity Mirror, August Equity and 3i had all expressed an interest in buying the business.
In addition, one shareholder, Datamonitor founder and former CEO Mike Danson, has been building a large stake in TMN since Tangent withdrew its offer. He has now increased this to 24%.
Today, the firm confirmed that acquisition talks were continuing and that it had received an indicative cash offer of 70 pence per share from August Equity, working with Smith and Dixon.
The TMN Board added that the indicative offer is still subject to satisfactory due diligence so there is no certainty that a formal offer will be made or on what terms such an offer be might made.
TMN's share price has risen 28% from Friday's close to 55.4p at midday today.
Web site: www.tmnplc.com .
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