Bonhill enters fresh talks over sale of InvestmentNews
By Abigail Townsend
Date: Friday 10 Mar 2023
(Sharecast News) - Bonhill Group has entered into fresh talks over the sale of InvestmentNews after an initial bid fell through, the media firm announced on Friday.
Bonhill said last month that it had accepted a non-binding $6.5m offer for the American business from an unnamed US media buyer.
But on Friday it confirmed that since then, the offer had been lowered "materially", and the exclusivity period granted to the potential buyer had therefore ended, allowing a fresh approach from another, also unnamed American media buyer.
It has offered $4.1m for the business and assets of InvestmentNews, as well as agreeing to assume its obligations, until January 2028, under the lease on its New York offices, with a value of around $1.9m.
The AIM-listed firm said that subject to due diligence, it expected to sign a conditional agreement with the new buyer. A circular will published "as soon as reasonably practicable", it added.
Bonhill announced in October last year that, following discussions with certain major shareholders, it was launching a strategic review that could result in the sale of the group.
Since then it has agreed to sell its UK and Asia businesses to MA Financial Media, part of the Mark Allen Group, for £6.5m in cash.
As at 0900 GMT, shares in Bonhill had tumbled 21% to 5.5p.
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