Porn distrib New Frontier can get takeover bid

Boulder, Colo.-based New Frontier Media, a higher porn distrib, mentioned it's received an unwanted takeover offer from investment firm Longkloof Limited, which has decided to acquire outstanding shares for $1.35 each. The board mentioned it's produced a committee to evaluate the purchase from Longkloof, that's situated within the Funnel Islands and has 15% of latest Frontier already. New Frontier, that's almost a penny stock investing trading, saw its shares spike nearly 16% to $1.31 on Friday. Inside an open letter to New Frontier, Longkloof mentioned the business has rejected to get familiar with constructive dialogue despite numerous attempts "within the last day or two to get familiar with significant discussions along with your regarding our fascination with acquiring" the organization. It chided the board that it referred to as a "dismal record" that saw the stock sink from greater than $9 five years ago. New Frontier's assets are the Erotic Network, a pay-per-view service with six channels and Penthouse TV, therefore it distributes. Contact the number newsroom at news@variety.com