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Burst Media

  • BY: Andrew Hore |
  • POSTED: 03/03/2009 |

Burst Media says that it rejected an indicative bid of between 6.3p and 7p a share.

The recent rise in the share price sparked this admission from the online advertising company’s management, which added that it was not currently in bid talks.

At 5.5p a share, Burst is valued at £4.03m. Burst says the value of the prospective bid did not cover Burst’s cash in the bank. There was cash of more than $10.6m (£7.5m) at the end of 2008.

Prior to this latest approach, Burst said that it had not received any bids that were at a suitable level. Management felt that it was nto a good time to sell the business. It even talked about potential acquisitions in the UK and US.

In January 2009, Burst said it would be purchasing up to $500,000 of its own shares. None of these will be bought from members of the board.

Burst says that its 2008 EBITDA, adjusted for restructuring and share-based charges, will be at the upper end of the range of $700,000 loss to $500,000 profit. The company should at least breakeven.

Burst will publish its 2008 figures on 8 April 2009.

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