China's Linktone not making offer for UK's MonsterMob |
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Tue, 27 Feb 2007 03:10
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BEIJING (XFN-ASIA) - Linktone Ltd. (Nasdaq: LTON), said it will not make an offer to acquire MonsterMob Group Plc following MonsterMob's shareholder meeting held on Feb 23.Linktone was contemplating a formal offer of approximately 77.8 mln usd to acquire all of the outstanding equity of the UK-based wireless services company if MonsterMob's shareholders rejected a pending offer from LaNetro Zed to acquire a 52.6 pct interest for approximately 66.8 mln usd.On Friday, a majority of MonsterMob's shareholders accepted the Zed offer.'While Linktone believes that the combination of our business with that of MonsterMob made goodstrategic sense and had the potential to provide economic value to shareholders on both sides, we respect the decision made by MonsterMob's shareholders on Friday,' Chairwoman of Linktone, Elaine LaRoche said.'While our core business in wireless value-added services in China continues to grow, we continue to explore opportunities to extend our footprint in to new markets in China and if an appropriate opportunity arises, abroad,' LaRoche added.virginie.mangin@xinhuafinance.com
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Linktone plans offer for MonsterMob at 65p/shr if LaNetro proposals fail UPDATE 