10th Mar 2023 09:44
(Alliance News) - Bonhill Group PLC on Friday said a non-binding offer of USD6.5 million in cash from a US media buyer for InvestmentNews LLC has been lowered materially, and therefore the exclusivity period granted to the potential buyer has ended.
Bonhill shares fell 21% to 5.50 pence each in London on Friday morning.
The Woking-based media company, specialising in business information, events and data analytics said it has received a separate non-binding offer from another US media buyer of USD4.1 million, as well as an agreement for the buyer to assume InvestmentNews' obligations under its office lease until January 2028.
The lease has a value of around USD1.9 million.
Bonhill said it expects to sign a conditional agreement with the potential buyer, and publish a circular containing details of a proposed tender offer, subject to the completion of due diligence.
The company noted that there is no certainty that the sale will be completed.
By Harvey Dorset, Alliance News reporter
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