UK Mobile Content Firm Receives Takeover Approach

UK based mobile content and billing provider, WIN says that it has received an approach from an unnamed 3rd party regarding a possible business combination that could result in an offer being made for the company.

In a statement, the company said that as a result of the Approach, the Board intends to explore all the options in a timely manner for maximising value for shareholders and is therefore having discussions which may or may not lead to an offer for the Company either arising from the Approach or another party.

The Approach and other discussions are very preliminary in nature and there can be no certainty that an offer will ultimately be forthcoming or on what terms.

A further announcement will be made by the Company in due course as appropriate.

In a recent interim statement, the company announced that it split the Group's operations into three recognisable divisions - Managed Services, Enterprise Business and New Media. This approach has supported growth in the Enterprise Business, which has once again seen revenues increase by approximately 50% during the period. This division is now contributing around 15% of total Group gross profit. The other two divisions are also benefiting from the reorganisation, particularly in New Media, which is now in a more stable position having gone through a difficult trading period over the past two years.

The company has a market capitalisation of around £12.5 million (US$25 million), although the share price has fallen from an average of 300 pence in 2006 to 106 pence at the beginning of this month.

Posted to the site on 7th August 2008