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InternetQ Receives Approach About Possible Takeover From Consortium

Tue, 02nd Feb 2016 13:29

LONDON (Alliance News) - AIM-listed InternetQ PLC on Tuesday said it was approached by a trio of investors comprising hedge fund Toscafund Asset Management LLP, UK mid-market private equity investor Penta Capital LLP, and founder-chief executive Panagiotis Dimitropoulos about a possible offer for shares not already owned by the consortium.

"The board confirms that it has authorised the CEO to enter into discussions with Tosca Penta regarding a joint offer and that it has formed an independent committee to consider any offer," the mobile marketing and digital entertainment company said.

Discussions are at a "preliminary stage" with the consortium, with "Tosca Penta" undertaking due diligence on the company.

No firm offer has been made, and the approach was disclosed without the consent of Tosca Penta, InternetQ said.

Shares in InternetQ nearly doubled on the news to 159.00 pence Tuesday afternoon.

By Samuel Agini; samagini@alliancenews.com; @samuelagini