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Venture capital firm All Active Asset Capital (AAA) has said it wants to continue conversations with Audioboom, after the audio and podcasting distribution platform rejected its takeover bid yesterday.
On Thursday Audioboom said that AAAs £188m cash and share offer significantly undervalued the business and advised shareholders to take no action.
In a market update today, the venture capital firm said it noted the response to its proposed offer, and that it remains fully committed to continuing conversations and engaging further with Audioboom, to expanding on the merits of its possible offer and to seeking a recommendation.
AAA said shareholders representing over a quarter of Audioboom's equity have already given their irrevocable support to the indicatively priced £12 per share possible offer, being 12.5 new AAA Shares and 200p in cash per Audioboom Share.
AAA said it recognised Audioboom's concern about the majority of the possible offer consideration being unquoted equity, following its forthcoming de-listing from AIM on 30 July.
The venture capital firm said it continues to work actively on securing a re-listing of its shares on an international exchange and looks forward to providing ongoing updates regarding progress in due course.
There can be no certainty that AAA's proposal will result in an offer for the company, nor as to the terms on which any offer might be made.
The venture capital firm has until 5pm on 16 August 2021 to either announce a firm intention to make an offer for Audioboom or announce that it does not intend to make an offer.
At 1:33pm: (LON:AAA) All Asia Asset Capital Ltd share price was 0p at 7.15p