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Video advertiser Taptica in advanced talks to buy RhythmOne

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Video advertiser Taptica in advanced talks to buy RhythmOne
FILE PHOTO: Visitors gather at Taptica's booth during Global Mobile Internet Conference (GMIC) at the National Convention in Beijing, China April 27, 2018. REUTERS/Damir Sagolj   -   Copyright  DAMIR SAGOLJ(Reuters)
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(Reuters) – Video advertising company Taptica International Ltd said on Wednesday it was in advanced talks to take over rival RhythmOne Plc in an all-share deal.

As part of a potential deal, Taptica would issue 16 new shares in exchange for 19 RhythmOne shares, said AIM-listed Taptica, which serves the likes of, Disney and Twitter.

Taptica shareholders will hold about 50.1 percent of the combined company and RhythmOne shareholders will own the rest, it said.

The statement confirms a Sky News report on Tuesday that said a deal could be announced as early as this week.

Taptica has until Feb. 26 to either make a firm offer for RhythmOne, which is also listed on London’s secondary market, or walk away.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Gopakumar Warrier)

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