MonsterMob Accepts Takeover - Ousts Directors
LaNetro Zed has secured control of the troubled UK based mobile content firm, MonsterMob with a cash injection of £34 (US$66.8) million. The agreement will mean LaNetro Zed and Monstermob will together become the largest company in the Mobile Value-Added Services (MVAS) market in terms of revenue. The enlarged company is now operating in 31 countries around the world employing 1,200 staff.
In a rather surprising move, the newly merged company also purged the board of directors and invited MonsterMob's ousted founder, Martin Higginson to rejoin the company. Hans Snook resigned as Non-executive Chairman, as did CEO, Niccolo De Masi and the Finance Director, David Marks and Non-executive Director, Richard Faber.
Commenting on the shareholder vote, Javier Perez Dolset, Chairman and Chief Executive of Zed, said "Today's decision is testament to the strength of our reputation and established track record for being one of the leading global players and innovators in this industry. MonsterMob's shareholders have recognised that LaNetro Zed's offer is best placed to move the business forward, for the benefit of all shareholders, from a firmer financial foundation. This is a strategically important investment for LaNetro Zed as it will allow us to exploit opportunities in markets where MonsterMob has built a strong business including China, USA, Russia and the UK."
China's Linktone which had considered a counter-bid for the company withdrew following the shareholders decision to accept the LaNetro Zed offer."
Posted to the site on 26th February 2007
