8th Jun 2026 09:45
(Alliance News) - Audioboom Group PLC on Monday said it has terminated discussions with potential suitors stating the proposals "undervalue the company and its prospects."
The London-based podcast producer said this was despite the fact that all of the indicative offers were at a premium to the closing share price of 540 pence per share on October 2, 2025, the last day of trading prior to the company entering into an offer period.
On Monday, shares in Audioboom traded 14% lower at 480.00 pence each in London.
Last October, Audioboom announced a strategic review to look at options, including a possible sale of the company. Since February, three interested parties have submitted non-binding indicative proposals to make a cash offer for the firm.
But following the company's announcement in April of record trading results for the quarter ended March, Audioboom now considers that the level of offers received "undervalue" the company and its prospects, given its accelerating performance.
As a result, it has ended talks talks with all interested parties.
"The company is not currently in receipt of any approaches or in discussions with any party in relation to a sale of the company," it stressed.
In April, Audioboom reported revenue of USD22.5 million in the quarter to March, up 30% on-year from USD17.3 million, and adjusted earnings before interest, tax, depreciation and amortisation of USD1.4 million, more than double the prior year's USD600,000.
This "strong" performance has continued into the second quarter, the firm said on Monday. As a result, Audioboom expects to announce record results for the six months to June, with revenue increasing to a minimum of USD45.0 million from USD35.1 million the year before, and adjusted Ebitda rising to a minimum of USD3.0 million from USD1.8 million.
By Jeremy Cutler, Alliance News reporter
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