Audioboom considers putting itself up for sale
Audioboom shares surged on Monday as the company confirmed that it is considering putting itself up for sale.
Responding to press speculation over the weekend, the on-demand audio and podcasting distribution platform said it has retained Raine as its financial adviser to examine strategic options "to deliver maximum value" for its shareholders.
"Raine will provide advice and assistance to the company in relation to a range of corporate options including, inter alia, strategic partnerships, financial investment, business combinations and potentially the sale of the company," it said.
Audioboom said it has not yet received any approaches and there can be no certainty the process will result in an offer.
A further announcement will be made as and when appropriate.
At 0850 GMT, the shares were up 18% at 262.50p.