(Alliance News) - Advertising technology firm Matomy Media Group Ltd on Thursday said the exclusivity period for the sale of its 90% stake in Team Internet AG has been extended by further 14 days.
In early September, the company said it entered discussions with a potential buyer for its 90% stake in Team Internet as well as the remaining 10% stake in the firm held by Rainmaker Investments GmbH.
The letter of intent between Matomy and the undisclosed potential buyer included a 45-day exclusivity period. This has now been extended by another two weeks to November 1.
The extension was granted because the due diligence process has been conducted by the possible bidder and because of "the progression reported to the company by the potential purchaser in the fund raising for the completion of the transaction". A draft share purchase has also been submitted to Matomy.
"During the extended exclusivity period the parties shall continue to negotiate in good faith the terms of a definitive agreement in order to execute a binding agreement by the end of extended exclusivity period," said Matomy.
Shares in Matomy were down 1.0% at 2.47 pence in London on Thursday.
By Anna Farley; annafarley@alliancenews.com
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