LONDON (ShareCast) - (Sharecast News) - Audioboom updated the market on the possible offer for its entire share capital by All Active Asset Capital (AAA) on Monday, confirming that an extension to the put-up-or-shut-up deadline had been granted by the takeover panel.
The AIM-traded podcast network was notified of the possible offer on 19 July, with that announcement by AAA stating that it was required to announce a firm intention to make an offer for Audioboom, or announce that it did not intend to make an offer, by 1700 BST on 16 August.

On 22 July, Audioboom published an initial response rejecting the possible offer after its independent directors expressed concerns over the valuation of Audioboom that it implied, as well as its structure, including the majority of consideration being in the form of unlisted shares of AAA, and the limited information on which to assess the strategic rationale for such a combination.

Following that, on 12 August, a meeting was held between Audioboom, AAA and their respective advisers, during which Audioboom said it was told a number of "substantial initiatives" were being pursued by AAA, which its board expected to be in a position to announce by 10 September "at the latest".

"Based on the information provided to it, the independent directors of Audioboom have concluded that AAA is actively seeking to address their concerns, and that it is currently in the best interests of Audioboom shareholders to allow discussions to continue," the Audioboom board said in its statement.

"The board of Audioboom therefore requested, and the Panel on Takeovers and Mergers consented to, an extension to the deadline by which AAA must either announce a firm intention to make an offer for Audioboom, or announce that it does not intend to make an offer."

It said the revised deadline, which would be further extended only with the consent of the Takeover Panel, expires at 1700 BST on 13 September.

"There can be no certainty that any offer will be made or as to its terms."

At 1017 BST, shares in Audioboom Group were down 2.82% at 860p.

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