, which owns and email marketing planner and buyer , issued the news yesterday and requested its shares be suspended from the Alternative Investment Market.
In a typical reverse takeover scenario, which allows a private company to take over a listed company, such as TMN, and become public, TMN would issue a large enough number of new shares to the other company that it would give that company's directors control of TMN.
Before TMN issued the statement its share price jumped as high as 50% above its closing level on Tuesday of 4p.
TMN attracted interest from more than one buyer in early 2008, rejecting a £40m offer from marketing services group Tangent in March and then seeing a £52.8m management buyout offer fail in July after lack of private equity funding.
Its market capitalisation now stands at around £3-4m after the collapse in global stockmarkets and its announcement of a £476,000 post-tax loss for the six months to October 31.
TMN owns list manager TMN Media, shopping and travel offers website operator TMN Publishing, Netherlands email marketing specialist Tapps and online research outfits The ID Factor and ICD Research.