Reuters: Mergers News: UPDATE 1-New Frontier Media to evaluate strategic alternatives, shares up

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UPDATE 1-New Frontier Media to evaluate strategic alternatives, shares up Apr 3rd 2012, 21:46 Tue Apr 3, 2012 5:46pm EDT April 3 (Reuters) - New Frontier Media said it has hired Avondale Partners as financial advisor to examine strategic alternatives, sending the media company's shares up more than 23 percent after the bell. The review will be overseen by a special committee of independent directors, which was constituted earlier to evaluate unsolicited acquisition bids that the company had received last month, New Frontier said in a statement. In March, the company said it had received unsolicited acquisitions bids from Luxembourg-based adult entertainment company Manwin Holding SARL to acquire it for $1.50 per share in cash. New Frontier's largest shareholder Longkloof Limited -- with a 15 percent stake in the company -- had also offered to buy it out for $1.35 per share in cash. "Our board of directors remains very enthusiastic about New Frontier Media's future prospects and has made no decision to sell the company," Alan Isaacman, chairman of the special committee, said in a statement. Shares of the company, which is an operator of adult entertainment channels for cable and satellite subscribers, were trading at $1.90 after the bell. They had closed at $1.60 on Tuesday on the Nasdaq.

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