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PRESS DIGEST - British business - July 18

Thu Jul 17, 2008 10:15pm EDT

The Times

Stocks  |  Global Markets

TMN SLIDES AS BUYOUT FAILS

The online marketing agency TMN Group was forced to end buyout talks on Thursday after August Equity failed to secure sufficient funds to finance an acceptable offer. It is understood that August met 16 banks but most were unable to lend enough cash. TMN's board began talks with chief executive Mark Smith and finance director Craig Dixon two months ago regarding the buyout at 70 pence a share, the lack of funding for the buyout would have reduced the offer price to an unacceptable 55 pence. Shares closed down seven pence at 30.5 pence.

TIDDLER TO WATCH

Shares in Mediterranean Oil & Gas (MOG) rose eight pence to 130.5 pence on Thursday after JP Morgan Asset Management said that it had bought 10 per cent of the company. MOG upgraded its Ombrina Mare reserves recently and is set to pump 20 million barrels of oil from the field.

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