LONDON: The Board of Team Internet Group has confirmed the receipt of two separate acquisition proposals from TowerBrook Capital Partners (U.K.) LLP and Verdane Fund Manager AB. Both potential offerors are looking to acquire the entire issued and to-be-issued share capital of Team Internet Group.
Each proposal values Team Internet shares at 125 pence in cash. Additionally, shareholders have the option to elect for an unlisted equity alternative. The proposals follow earlier offers from the same potential buyers, which were rejected by the Board as they undervalued the company and its prospects.
The latest proposals are subject to a series of pre-conditions, including the completion of satisfactory due diligence, the finalization of financing, and definitive transaction documentation. The Board of Team Internet, along with its advisers, is currently reviewing the approaches, and further announcements will be made in due course.
Team Internet Group, previously known as CentralNic, is a leading global internet solutions company operating in two main segments: Online Marketing and Online Presence. The company offers services such as digital advertising, domain name management, and domain monetization.
In an effort to enhance shareholder value, Team Internet has been actively engaged in share buybacks, recently repurchasing a significant number of shares as part of their ongoing program.
Team Internet Group stands at the forefront of internet solutions with a broad array of services designed to cater to the needs of businesses globally. Through its focused initiatives on share buybacks and strategic growth, the company continues to build on its vision of a robust digital presence and marketing strategy.