AdultShop solicits offer for its business
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PERTH, Feb 1 AAP
February 01 2010, 7:32PM
AdultShop.com Ltd has put its core businesses on the market less than a week after it rejected a takeover offer by fellow online sex shop Sexyland.
The company also said in a statement on Monday that it continued to search for opportunities, "with a preference towards resource projects".
"AdultShop.com has resolved to commence a sale process for its core businesses, either in two distinct parcels ... or as a whole, in an endeavour to optimise shareholder value," the target said.
It said one parcel would comprise its retail and web businesses, while the other parcel would be the wholesale arm, Calvista.
"Any divestment of AdultShop's core business will be put to shareholders for approval."
AdultShop.com last week rejected as inadequate Sexyland's all-scrip $5.7 million offer, which closes on February 12.
AdultShop.com transformed from mineral explorer Western Minerals NL into an online sex shop in 1999.
Its shares hit an all-time high of 55.7 cents in late 1999 but had slid to 6.05 cents a year later. The shares closed unchanged at one cent on Monday.
