Shares in Audioboom have dropped by over 12% after it announced that it is no longer in an offer period following a strategic review.

The global podcast publisher began a strategic review in October last year, which involved the consideration of, amongst other options, a sale of the company, with the aim of maximising shareholder value.

The company has been in an offer period ever since, as defined under the takeover code.

Since February, three parties have submitted non-binding indicative proposals to make a cash offer for the company, but Audioboom stated that these offers undervalued the firm and its prospects.

Therefore, it has terminated discussions with all interested parties and is no longer in an offer period.

The update comes Audioboom reported that its strong start to the year has continued into Q2 and expects to announce record results for the six-month period to 30 June.

This includes increasing its expected revenue to a minimum of $45m and earnings profit of up to $3m.

It will provide a more comprehensive update on its trading in its results, which will be published on or around 16 July.

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