Porn distrib New Frontier will get takeover bid

Boulder, Colo.-based New Frontier Media, a high porn distrib, stated it's received an unrequested takeover offer from investment firm Longkloof Limited, that has agreed to acquire outstanding shares for $1.35 each. The board stated it's created a committee to judge the sale from Longkloof, that is located in the Funnel Islands and is the owner of 15% of recent Frontier already. New Frontier, that is almost a penny stock investing, saw its shares spike nearly 16% to $1.31 on Friday. Within an open letter to New Frontier, Longkloof stated the organization has declined to take part in constructive dialogue despite numerous attempts "in the last couple of days to take part in significant discussions together with your regarding our curiosity about obtaining" the company. It chided the board for which it known as a "dismal record" that saw the stock sink from a lot more than $9 5 years ago. New Frontier's assets range from the Erotic Network, a pay-per-view service with six channels and Penthouse TV, so it distributes. Contact the range newsroom at news@variety.com