LUXEMBOURG, March 22, 2012 - Manwin Holding S.ar.l announced today that it has made a proposal to the Board of Directors of New Frontier Media, Inc. (NASDAQ: NOOF) to acquire the company for cash consideration of $1.50 per share of outstanding common stock.
This offer represents a 32% premium over New Frontier’s closing stock price on March 8, 2012 and a 35% premium over the six-month historical average of New Frontier’s share price prior to that date.
Manwin’s proposal is subject to a due diligence review of the operations and books and records of New Frontier Media and the satisfaction of customary conditions.
In its proposal, Manwin stated that it is highly impressed with New Frontier Media, its Board of Directors, management team and operations but believes it has been undervalued in the public markets because of its size and market capitalization.
Manwin believes that by combining New Frontier Media’s transactional television business with its own and by leveraging Manwin’s online assets, including both content and traffic, it will be able to offer even more compelling programming to pay TV distributors and drive additional customers to the pay TV experience.
In discussing the proposal, Fabian Thylmann, Manwin Managing Partner, said: “Our recent experience with Playboy TV proves to us the value of TV as a distribution platform, and we have been seeking ways to foster additional business in that segment of the industry. New Frontier Media’s business is a natural fit which should create synergies immediately benefiting both Manwin’s pay TV providers and their customers.”
For more information contact:
Kate Miller
Manwin Public Relations, North America
kate.miller@manwin.com
1 514 359 3555, extension 266
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Manwin, an information technology company specializing in highly trafficked websites, owns and licenses the trademarks and domain names used for many of the most popular adult-oriented websites. It is the largest network of adult websites in the world, with more than 60 million daily visitors.
As an uncontested market leader in the online adult entertainment industry, Manwin has developed various in-house technologies with respect to High Definition (HD) video streaming and website optimization, which enables it to compete on a matchless playing field.
Headquartered in Luxembourg with management offices in Hamburg, London, Los Angeles, Nicosia, and Montreal, the company employs more than 900 people. For additional information on Manwin, visit www.manwin.com.