(Sharecast News) - Advertising technology company Tremor International responded to speculation that it was facing pressure to consider a sale on Tuesday, confirming that it had been in contact with an unnamed third party.
On Monday, Sky News reported that at least two institutional shareholders in Tremor had demanded that Tremor's board entered talks with potential buyers, amid frustration at the performance of its stock price.
Those same shareholders were also pressuring Tremor to use some of the "hundreds of millions of dollars" it held in cash to buy back shares, Sky said.
The AIM-traded firm said on Tuesday that, as a "high-growth technology company", it was "routinely engaged" across a number of strategic discussions with both third parties and its shareholders, adding that it considered that "normal course of business".
"To that end, the board confirms that whilst it has entered into a non-disclosure agreement with a third party, no substantial discussions have taken place thus far," the board said on Tuesday.
"The company's underlying performance remains strong along with the board's confidence in the future performance of the business."
Tremor said further announcements would be made in due course, when appropriate.
At 1255 GMT, shares in Tremor International were up 4.11% at 608p.
20 Dec 2023 15:55