MediaLink was taken by surprise by PRNewswire parent company United
business Media (UBM)'s hostile takeover bid, its top European manager
claimed this week.
UK-based MediaLink executive V-P of global operations Ivan Purdie said:
'This is an unsolicited bid. We didn't ask for this to happen and it has
taken us by surprise.'
MediaLink shareholders are currently considering the offer made last
week by UBM to buy the struggling audio and video services firm.
UBM offered MediaLink shareholders £3.40 cash per share for the
troubled business, which has seen its stock sink as much as 76 per cent
since its initial listing four-and-a-half years ago.
If successful, the offer would give PRNewswire access to MediaLink's
news and multimedia distribution capabilities, as well as its
measurement and monitoring systems.
According to PRNewswire CEO Charlie Morin, UBM has attempted to start
talks for nearly a year, but has as yet received no response: 'Now we'd
like to engage them in negotiations, move forward with due diligence, a
review and talks with management.'