United Business Media has withdrawn its £3.47-a-share
unsolicited takeover bid for Medialink Worldwide.
But UBM subsidiary PRNewswire has suggested that it will instead aim to
go head-to-head with the electronic media giant.
UBM and Medialink both claim the other did not present adequate interest
in the three-month-old takeover deal, which aimed to combine Medialink's
online, video production and distribution capabilities with PRN's
distribution of press releases and related multimedia.
PRN chief executive Charlie Morin vowed to continue his current strategy
to expand PRN either through acquisition, growth, or a combination of
the two: 'We will pursue a direction that will likely put us in direct
competition with Medialink in the not too distant future.'
Medialink chairman, president, and CEO Larry Moskowitz responded: 'I
find it humorous that he says this, because they've been trying to
compete with us for at least five years, if not more.
'We look forward to increased activity because it will help grow the
market. We hope they will be innovative,' he added.
Both Medialink and UBM's Nasdaq-listed stock fell on the day of the
announcement.
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