Monday 21st May 2012
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TMA Group, a Sydney-based provider of ticketing, parking equipment and packaging services, has emerged as the bidder for PMP that last month indicated it may offer as much as three times the current share price for the printing and distribution company.
“TMA has provided funding commitment letters in a form that is customary at this preliminary stage of a potential transaction,” Sydney-based PMP said in a statement today. “There is no certainty that TMA or any other party will proceed with any proposal for the acquisition of PMP.”
Shares of PMP jumped 22 percent to 45 Australian cents after the announcement. They soared as high as 65 cents on April 27, from a record low 25 cents, when PMP said it had received a “highly conditional” offer of 68 cents to 78 cents. It didn’t identify the party until today and the shares had drifted down since last month’s announcement. PMP’s stock fell last month after the company lowered its annual profit forecast and announced plans to cut costs.
The company also operates in New Zealand, printing magazines and advertising materials for companies such as Fairfax Media, New World supermarkets and Sky Network Television and distributing magazines through its Gordon & Gotch subsidiary.
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