Saturday 25 March 2017

Zamano takeover falls through, other informal approaches made

Zamano said it will seek further investment opportunities
Zamano said it will seek further investment opportunities
Gavin McLoughlin

Gavin McLoughlin

A potential takeover of Irish mobile phone technology company Zamano has fallen through.

"All discussions regarding the Approach have now been terminated and the Company is no longer in talks regarding a possible takeover," Zamano told the Stock Exchange this morning.

The company said it will "continue to seek investment, acquisition and joint venture opportunities to enable it to grow and diversify its business".

It posted first-half EBITDA of €1.42m (up 16.6pc on 2014) and has a net cash position of €5.2m.

Independent.ie understands Zamano was unable to agree terms with the potential purchaser and that other informal approaches for the company have been made.

The offer was at 20c a share. This morning Zamano shares are trading at 16c each in Dublin.

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