News: Funtastic denies Madman deal is done

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Responding to media reports Funtastic Limited (ASX:FUN) has denied entering into binding agreements to sell its home entertainment distribution Madman business.

 

The toy manufacturer told the market earlier this month it was looking to sell the business before announcing its first half results, after it earlier received expressions of interest.

 

Reports since emerged claiming the company will sell Madman back to its original founders, Tim Anderson and Paul Wiegard. 

 

While a deal has not yet been done Funtastic says it has granted a window of exclusivity to one of the bidders comprising of a consortium which includes Mr Anderson and Mr Wiegard. 

 

Funtastic advises any divestment is subject to the negotiation and execution of a binding sale and purchase agreement. 

 

Funtastic reported a net profit of almost $14 million in the 2013 financial year.