News blog
TMN Group
- BY: Andrew Hore |
- POSTED: 17/07/2008 |
Online marketing services provider TMN has ended bid talks.
TMN had a number of bid approaches but the final indicative offer on the table was 70p a share from its management. However, the management and its backers couldn’t raise the cash to go ahead with the bid.
TMN put out a trading statement just before the end of April and the board says that trading is still in line with this. The company is continuing to trade well overall but there was a decline in demand for email marketing and planning from the financial sector. This means that the division’s revenues will be £1.5m lower than previously expected. Even so, TMN’s full year profits are estimated to be within 10%-15% of management expectations.
Figures for the year to April 2008 will be released in the first week of September.
The shares slumped 6.5p to 31p following the news that the bid talks had ended. TMN is valued at £23.4m.
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