SHANGHAI, China, February 26, 2007 -- Linktone Ltd. (Nasdaq: LTON), a leading provider of wireless interactive entertainment products and services to consumers in China, announced today that it will not make an offer to acquire MonsterMob Group Plc following the results of MonsterMob¡¯s shareholder meeting held on Friday, February 23.
As previously announced last week, Linktone was contemplating a formal offer of approximately $77.8 million to acquire all of the outstanding equity of the UK-based wireless services company if MonsterMob¡¯s shareholders rejected a pending offer from LaNetro Zed to acquire a 52.6% interest for approximately $66.8 million. On Friday, a majority of MonsterMob¡¯s shareholders accepted the Zed offer.Chairwoman of Linktone, Elaine LaRoche commented, "While Linktone believes that the combination of our business with that of MonsterMob made good strategic sense and had the potential to provide economic value to shareholders on both sides, we respect the decision made by MonsterMob¡¯s shareholders on Friday."
"The Board of Linktone continues to consider all opportunities to enhance shareholder value. While our core business in wireless value-added services in China continues to grow, we continue to explore opportunities to extend our footprint in to new markets in China and if an appropriate opportunity arises, abroad," continued Ms. LaRoche.
ABOUT LINKTONE LTD.
Linktone Ltd. is a leading provider of wireless interactive entertainment products and services in China. Linktone provides a diverse portfolio of services to wireless consumers, with a particular focus on media, entertainment and communications. These services are promoted through the Company's own marketing channels and through the networks of the mobile operators in China Through in-house development and alliances with international and local branded content partners, the Company develops, aggregates, and distributes innovative and engaging products to maximize the breadth, quality and diversity of its offerings. Linktone categorizes China¡¯s wireless services landscape as "MAGIC" -- Music, Advanced Gaming, Graphics, Instant Messaging and Community.
Source: Linktone Ltd.
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