Boards Approve Toluna Privatisation Deal
Plans to take online panel and research technology firm Toluna private have taken another step forward with the approval of the boards of Toluna itself and of ITWP, the firm created to carry through the transaction.
The deal, which values the firm at £161m, was first announced on Valentine's Day, when Toluna's third-largest shareholder Verlinvest submitted a proposal to fund the acquisition from its own assets, and created the ITWP holding company.
Toluna founder and CEO Frédéric-Charles Petit (pictured) will become a director of ITWP, and will continue to lead the firm's management team.
The 'Scheme Document' - which sets out the full terms and conditions of the proposal, a timetable, and details of actions to be taken - has now been posted to Toluna shareholders, and from 19 April the firm's shares will cease trading on the AIM stock exchange.
Yesterday, the company reported 2010 group revenues of £73.6m, a rise of a modest 2% on a pro forma basis allowing for its 2009 acquisition of Greenfield ISS; but was also able to boast profit after tax up sharply from £1.6m to £6.6m.
Web site: www.toluna-group.com .