Limelight Networks, a cloud-based content delivery network (CDN) platform provider, has rejected an unsolicited takeover offer from what it says is a "non-credible source."
According to media reports, which were confirmed by Limelight over phone and e-mail, Tuition Build had offered to purchase and take Limelight Networks private for $644.7 million or $6.55 per share if certain unspecified financial thresholds are satisfied.
Based on inquiries by its management and independent investigations of Tuition Build, Limelight said that the proposed bidder "does not have the experience, credentials, financial resources, or capability" to complete the takeover.
Limelight's management said that current and prospective investors in Limelight Networks should disregard Tuition Build's proposal.
For more:
- see the release
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