TMN confirms August Equity talks

TMN Group, an internet marketing group, has confirmed that it is in talks with August Equity following the previously announced indicative cash offer from the UK mid-market private equity house.

In mid-May, TMN said that it had received an indicative cash offer of 70p per share from funds advised by August Equity. TMN has a current market capitalisation of £21m.

The offer is still subject to due diligence and there is not certainty a formal offer will be made.

Tangent Communications, a direct marketing group, pulled out of offer talks after making an offer of approximately 50p per share in March.