Our recent experience with Playboy TV proves to us the value of TV as a distribution platform, and we have been seeking ways to foster additional business in that segment of the industry.
(PRWEB) March 23, 2012
Manwin Holding S.ar.l has announced that it has made a proposal to the Board of Directors of New Frontier Media, Inc. to acquire the company for cash consideration of $1.50 per share of outstanding common stock.
This offer represents a 32% premium over New Frontier’s closing stock price on March 8, 2012 and a 35% premium over the six-month historical average of New Frontier’s share price prior to that date.
Manwin’s proposal is subject to a due diligence review of the operations and books and records of New Frontier Media and the satisfaction of customary conditions.
In its proposal, Manwin stated that it is highly impressed with New Frontier Media, its Board of Directors, management team and operations but believes it has been undervalued in the public markets because of its size and market capitalization.
Manwin believes that by combining New Frontier Media’s transactional television business with its own and by leveraging Manwin’s online assets, including both content and traffic, it will be able to offer even more compelling programming to pay TV distributors and drive additional customers to the pay TV experience.
In discussing the proposal, Fabian Thylmann, Manwin Managing Partner, said: “Our recent experience with Playboy TV proves to us the value of TV as a distribution platform, and we have been seeking ways to foster additional business in that segment of the industry. New Frontier Media’s business is a natural fit which should create synergies immediately benefiting both Manwin’s pay TV providers and their customers.”
Manwin is a leading provider of high-quality branded, adult entertainment delivered across online, mobile and television media platforms. The company’s network of sites receives over 60 million unique visitors every day.
Manwin has experienced significant growth during the last several years, both through internal expansion and through several successful acquisitions, including its recent acquisition of Playboy’s digital and entertainment assets.
Headquartered in Luxembourg, Manwin has offices in Hamburg, London, Nicosia, Montreal and Los Angeles.