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Bluefreeway shares rise, questions remain March 6, 2008

Posted by David Gillespie in industry news.
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Two days after announcing it had entered due dilligence with a third party looking to acquire it, Bluefreeway’s shares have again closed up, rounding out the day at 36 cents having opened on 25. This despite media group Mitchell Communications announcing yesterday it had been the one looking at the troubled group of companies but pulled out, releasing the following statement:

“…given the recent announcements of BlueFreeway, Mitchell Communication has informed BlueFreeway this afternoon that it has decided not to proceed with further discussions at this time.”

Bluefreeway will no doubt look for other avenues to explore, though its hard to foresee the kind of company willing to take on a ship of that size. When trouble first appeared it seemed at first moves would be made to spin-off the profitable parts of the business and shut down the rest. This still seems like the best play, and the only one the market is going to swallow in any sort of sustainable fashion.

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