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RadiumOne Board Rejects Founder's Acquisition Bid, Which He Then Ups

RadiumOne’s board rejected a recent offer from its founder and also — irony alert — largest shareholder to buy the advertising marketing platform company. In a letter to Gurbaksh Chahal, the company’s lawyers said the board had “determined that RadiumOne is not for sale and not with an offer that fails to reflect the value that has been built in the Company.” Chahal, who was ousted from RadiumOne last year and has since launched Gravity4, is making a counteroffer, said sources, raising his bid by 25 percent, although the original offer is not known. Other companies, including Yahoo, have looked at acquiring RadiumOne recently, part of a larger trend in the ad tech space.

This article originally appeared on Recode.net.