BIS Group owners Mood Media could be sold
Mood bought the Benelux-based AV providers in June of last year. In February, the company announced it would be renaming itself Mood and would be bringing the Muzak and DMX brands under one banner.
Mood Media – the owners of AV integration firm BIS – could be sold off as its Board of Directors and senior management seek to boost shareholder value.
The company has said that there will be alternatives to a sale including launching a strategic combination with a third party or enhancing its existing strategic plan.
The Board has formed a strategic review committee comprised of independent directors Harvey Solursh (committee Chairman), Justin Beckett and Richard Weil to oversee the review process. At the direction of the Board, Mood Media has engaged Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC as its financial advisors in connection with the review process.
The Board stated that it had previously received unsolicited expressions of interest in relation to various potential strategic transactions from time to time, but it is not currently in discussions with any particular party.
In a statement, the firm said: “While undertaking this process, the Board and senior management team remain highly focused on executing the company’s long-term operational plan, including among other initiatives the integration and realization of the strategic and financial benefits of the acquisitions completed over the past two years.
“The company stated that there can be no assurance that the Board’s exploration of strategic alternatives will result in any transaction being pursued, entered into or consummated. Mood Media does not intend to discuss or disclose developments with respect to this process until the Board has approved a definitive course of action.”