Feeds

Globalnet spurns Italians

Make Your Mind Up time

  • alert
  • submit to reddit

The essential guide to IT transformation

Globalnet Financial.com is selling itself to New Media Spark after all.

The moribund financial info site with a handy portfolio of dotcom stocks has torn up its merger agreement with AISoftware, after Spark returned to the table with an offer matching its Italian love-rival.

Two days ago Globalnet threw away an earlier merger agreement with Spark, valuing the company at $9m cash, in response to an $11.25m bid from AISoftware.

What will the Italians do now?

And what will Spark do? Director Joel Plasco sounds very irritated indeed with AI: "We are," he told the FT "reserving our right to pursue a remedy against those entities we believe...forced us tp pay more than Globalnet than we should have to."

In a statement made to the London Stock Exchange today, Spark noted the "deteriorating cash position" reported by Globalnet, and stated that it had the funding to close the cash deal quickly.

Spark said it has already received acceptances of 41 per cent of the GlobalNet shares. Furthermore, an additional 12.9 per cent of stock is owned by AISoftware which, it argues, the Italian company must to tender into the offer.

Under an deal between Globalnet and AISoftware, the latter was supposed to hand over the shares if a definitive agreement to buy the company had not been reached by August 15. ®

Related stories

Italians win Globalnet tussle

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?