Limelight Networks rejects takeover bid
Limelight Networks has rejected a takeover bid of approximately $644 million from Silicon Valley private equity firm Tuition Build.
The US-based CDN provider issued a statement yesterday announcing that it had received an “unsolicited offer” from an entity that its management believes is a “non-credible source”.
Limelight is said to have received the offer last Friday, and subsequently made enquiries regarding the proposal and the company’s ability to complete the proposed transaction.
“Based on these enquiries, as well as independent investigations of Tuition Build, management has concluded that Tuition Build does not have the experience, credentials, financial resources or capability to complete the proposed transaction, and that Tuition Build’s stated interest in acquiring Limelight Networks is not an actionable proposal,” a statement on the company’s website read.