ID Factor owner TMN in takeover talks again
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UK-- Research and direct marketing group TMN asked for trading in its shares to be suspended today as it is in “very early discussions” regarding a possible reverse takeover.
No further details were disclosed.
News of the talks follow a turbulent 12 months for the owner of online fieldwork firm ID Factor and full service research agency ICD.
In March rival Tangent Communications proposed to buy the group for £37m but was knocked back by the TMN board.
CEO Mark Smith and CFO Craig Dixon then attempted to mount a management buyout but they could not raise enough financing and the plans were dropped in July.
Moving into 2009, TMN warned that its full year profits would be 50% below expectations because of “further retrenchment” in the UK media sector.
The group said it would have to axe jobs to cut costs, and yesterday TMN confirmed that eight positions had gone at the ID Factor.
Author: James Verrinder
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TMN management buyout talks end
