Media Corporation says it has received a number of potential bid approaches which could result in a cash offer for the shares in the online advertising company.
The company says that discussions are at an early stage. This comes at a time when Media Corp still has not published its results for the year to September 2008. It has less than two weeks to publish the figures or the share quotation will be suspended.
Management has already stated that the first quarter trading of this financial year is in line with expectations. There is cash in the bank but the figure has not been updated. On 23 September 2008, it was expected to be £4m.
Shares in Media Corp rose 0.875p to 2.125p each, which values the company at £5.64m.
Media Corp had around £4m in cash at the end of September 2008.
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