Quickflix To Be Taken Over? Shares Go Into Trading Halt
Quickflix stated it had requested the halt ahead of a “pending release of an update regarding a potential corporate transaction with an international party which may result in an acquisition”.
Competition has been intense in the local streaming market this year following the arrival of Netflix, with a number of local players jostling for market share.
Quickflix has been active in the market in recent months, in May entering an agreement with Foxtel to distribute Foxtel’s Presto movie and TV subscription video-on-demand service to its customer base.
Quickflix had also announced in May that it had raised approximately $775,000, seeking to solidify its position in the market.
While Quickflix had grown its paying customer base by 6 per cent to 123,553 in the March quarter, it also reported a net decrease in cash held of $858 million.
The halt will be in place no longer than the open of trading on Monday, Quickflix advised.