Business
Review of Strategic Options - Formal Sale Process
Review of Strategic Options - Formal Sale Process.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3940D\n Audioboom Group PLC\n 19 February 2020\n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n \n \n THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THERE CAN BE NO CERTAINTY THAT SUCH AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.\n \n \n \n Audioboom Group plc\n \n \n (\"\n Audioboom\n \", the \"Group\" or the \"Company\")\n \n \n \n \n \n Review of strategic options \n - formal sale process under the Code\n \n \n \n \n \n In its announcement of 10 February 2020, the board of Audioboom (the \"Board\") confirmed that the Company had retained Raine Advisors Limited (\"Raine\") as its financial adviser in relation to examining strategic options for the Company, in order to deliver maximum value for its shareholders (the \"Strategic Review\"). The announcement of 10 February 2020 noted that Raine will provide advice and assistance to the Company in relation to a range of corporate options including, inter alia, strategic partnerships, financial investment, business combinations and potentially the sale of the Company. \n \n \n \n \n \n Formal sale process\n \n \n \n \n \n Audioboom has agreed with The Panel on Takeovers and Mergers (the \"Takeover Panel\") that, as part of the Strategic Review process, any discussions in relation to an offer for the Company may take place within the context of a formal sale process (as referred to in the Code) in order to enable conversations with parties interested in making such an offer proposal to take place on a confidential basis. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. \n \n \n \n \n \n Parties with a p...