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BOULDER, Colo.—Boulder-based New Frontier Media Inc. is reviewing an acquisition proposal from one of the adult entertainment media company’s stockholders.
The investment holding company Longkloof Limited, based in St. Helier, Jersey, has offered $1.35 in cash per share to require the shares of New Frontier that it doesn’t own. New Frontier’s shares were up 19 cents to $1.32 Friday night.
New Frontier says the offer was unsolicited. The Daily Camera reports () Longkloof holds 15.7 percent of New Frontier’s outstanding shares of stock, according to regulatory filings.
New Frontier’s board of directors has formed a special committee of independent directors to review the offer.
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Information from: Daily Camera,
