Boss Media Takeover Fails
Published: Wednesday, November 07, 2007 Online-Casinos.com
BOSS MEDIA TAKEOVER FAILS
Swedish excitement as online gambling software developer rejects offer
The Swedish business media headlines lit up Wednesday as news came in that the shares of Boss Media and rival Swedish company Net Entertainment had been suspended temporarily from trading following a takeover offer on the former.
Speculation that Net Entertainment had made a run at acquiring its rival were rife as a result of the suspension, which was ordered by the Finansinspektionen. However, Net Entertainment CEO Johan Ohman would not comment on the occurrence.
Boss Media CEO Michael Hallen later issued a statement as follows:
"As a consequence of today's trading halt in the Boss Media share, effected on an initiative from Finansinspektionen, the company wish to announce the following:
"One of the company's larger shareholders was, during the course of Tuesday afternoon, approached by an interested party announcing its interest to acquire all shares in Boss Media, subject to the larger shareholder's acceptance. During the course of Wednesday afternoon, the larger shareholder declined the offer and has subsequently informed the board and Boss Media management."
Word of the offer perhaps leaked, as shares in Net Entertainment jumped almost 6 percent before trading was suspended just after that of Boss Media.
Further statements on the incident are expected later today, along with the lifting of the trading suspensions.
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