MonsterMob rejects Linktone offer

Shareholders in ringtone specialist, Monstermob, on Friday voted in favour of a refinancing plan that will see Spain’s LaNetro Zed take a controlling 53 per cent stake in the firm. The shareholders backed the Spanish firm over a rival takeover plan from Chinese mobile content group, Linktone.

More than 80 per cent of MonsterMob’s shareholders voted in favour of the Zed deal.

At the company’s EGM, MonsterMob chairman Hans Snook said the board had examined the cash offer from the Chinese but decided to continue with Zed’s refinancing.

The Zed agreement involves the issue of 68 million new shares at 50p each. Linktone had been offering 67p a share.