MonsterMob shareholders vote for Zed

Investors in British mobile content developer MonsterMob voted Friday in favor of a refinancing plan that will give a controlling stake of the firm to Spanish rival LaNetro Zed, effectively blocking an opposing takeover bid mounted by Chinese suitor Linktone. Over 80 percent of MonsterMob shareholders voted to accept Zed's £34 million bid--a 75 percent majority vote was required to move ahead with the deal.

While the agreement gives Zed a 53 percent stake in MonsterMob, its bid was almost £10 million less than the rejected Linktone offer. "We weighed the risks up against a guaranteed financial restructuring and immediate financial support from the Zed proposal, and we continued to support the Zed proposal," MonsterMob board chairman Hans Snook told The Guardian.

For more on the shareholder vote:
- read this Guardian article