New Frontier Media said it has hired Avondale Partners as financial advisor to examine strategic alternatives, sending the media company's shares up more than 23 percent after the bell.The review will be overseen by a special committee of independent directors, which was constituted earlier to evaluate unsolicited acquisition offers that the company had received last month, New Frontier said in a statement.In March, the company said it had received unsolicited acquisitions bids from Luxembourg-based adult entertainment company Manwin Holding SARL to acquire it for $1.50 per share in cash.New Frontier's largest shareholder Longkloof Limited -- with a 15 percent stake in the company -- had also offered to purchase it out for $1.35 per share in cash.
New Frontier Media, Inc. is engaged in transactional television and the distribution of general motion picture entertainment. Shares of NOOF traded higher by 2.56% or $0.04/share to $1.60. In the past year, the shares have traded as low as $0.84 and as high as $1.85. On average, 27646 shares of NOOF exchange hands on a given day and today's volume is recorded at 69370.
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