(Alliance News) - Team Internet Group PLC on Tuesday said Oslo-based private equity firm Verdane Fund Manager AB confirmed that it does not intend to make a takeover offer.
Shares in the London-based internet services company fell 43% to 55.94 pence each on Tuesday afternoon in London, giving it a market capitalisation of GBP272.9 million.
Team Internet in January had announced that it received a takeover approach from Verdane Fund Manager for 125 pence per share in cash, valuing the company at GBP315.1 million.
Back then, Team Internet had also received an approach from TowerBrook Capital Partners UK LLP, which a few days later announced it does not intent to make a takeover offer.
Team Internet on Tuesday added that it has been preparing for the arrival of [Alphabet Inc's] Google's latest monetisation product, RSOC, and Team Internet's transition to RSOC.
"RSOC is core to the transformation of our Search segment into a content and video publishing powerhouse and offers an enhanced user and advertiser experience, as indicated in our November 2024 investor presentation," Team Internet said.
Team Internet will release 2024 results on March 24.
The company added it expects to report adjusted earnings before interest, tax, depreciation and amortisation of between USD60 million and USD68 million for 2025, at least around 27% lower than USD93 million it anticipates to report for 2024.
From 2026 onwards, Team Internet anticipates a return to double-digit earnings growth.
Chief Executive officer Michael Riedl said: "Changes in the digital advertising landscape are inevitable and Team Internet has a proven track record of adapting to industry shifts and emerging stronger. The early reception of our RSOC solution has been extremely positive, and we remain confident that our diversified model, financial strength, and proactive strategy will continue to deliver long-term shareholder value."
By Tom Budszus, Alliance News slot editor
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