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Linktone Ltd. (LTON) Decides Not Pursue Making an Offer for UK-based Mobile Services Company

February 26, 2007 7:47 AM EST Send to a Friend
Linktone Ltd. (Nasdaq: LTON) says it will not make an offer to acquire MonsterMob Group Plc following the results of MonsterMob's shareholder meeting held on Friday, February 23.

As previously announced last week, Linktone was contemplating a formal offer of approximately $77.8 million to acquire all of the outstanding equity of the UK-based wireless services company if MonsterMob's shareholders rejected a pending offer from LaNetro Zed to acquire a 52.6% interest for approximately $66.8 million. On Friday, a majority of MonsterMob's shareholders accepted the Zed offer.

Chairwoman of Linktone, Elaine LaRoche commented, "While Linktone believes that the combination of our business with that of MonsterMob made good strategic sense and had the potential to provide economic value to shareholders on both sides, we respect the decision made by MonsterMob's shareholders on Friday."

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