LONDON — U.K indie distrib Metrodome has terminated reverse takeover negotiations with TV distrib Target Entertainment.
Metrodome confirmed that talks, which began last month, were “terminated as parties could not agree on mutually satisfactory commercial terms with the various stakeholders of Target.”
Metrodome, which is publicly listed on the AIM, suspended trading on June 28 following the possible acquisition of all or part of Target but resumed trading today (July 30) at a price of 1.88 pence (2.93 cents) a share before falling 19% to 2.5 cents a share.
The deal would have given Target, which has a library of 6,000 hours of programming, access to public markets for the first time while Metrodome, which has gone through rounds of internal restructuring over the past few months, could have boosted its business with a TV library.
Metrodome’s board said it would continue to look at other possible acquisitions. The distrib, which has released pics such as “Donnie Darko,” “Monster” and “I Am Love” in Blighty, particularly wants to acquire a complimentary TV distribution company in the future.