LONDON (Alliance News) - Matomy Media Group Ltd on Tuesday said Rainmaker Investments GmbH has extended the due diligence period for acquiring Matomy's 90% stake in Team Internet AG.
Matomy's bondholders unanimously approved the USD36 million cash offer for its Team Internet stake back in April, and Matomy intends to use the funds for early payments to those bondholders.
Rainmaker has now exercised its right to extend the due diligence period on the majority stake acquisition by another 30 days until June 10. Satisfactory due diligence is one of the conditions of the sale offer.
In February 2018, Matomy raised USD30.0 million through the issue of convertible bonds in order to lift its stake in Team Internet by 10%, taking its stake to 90%.
By the end of November 2018, Matomy had failed to pay the amount due to Rainmaker for the last 10% of Team Internet, triggering Rainmaker's right to repurchase some or all of the Matomy's shares in Team Internet at 60% of their original price.
Shares in Matomy were up 2.0% at 5.00 pence on Tuesday afternoon.