iSentia shares are on a tear

Treasurer Scott Morrison speaks during a door stop outside Parliament House. Stefan Postles/Getty Images

Shares in media monitoring group iSentia soared after reports of takeover interest.

A short time ago, the shares were up 5.2% to $1.99 but still well below the 12 month high of $4.14.

Street Talk in the Australian Financial Review reported that iSentia had been approached by a potential buyer.

Last week Australia’s biggest media monitor group launched legal action against a rising competitor, Meltwater, its local managing director and his wife.

In the Federal court action, iSentia alleged breach of contracts for media intelligence services. Meltwater says it will strenuously defend the action.

iSentia’s latest results have been dragged down by its move into content marketing, issuing a profit warning in February.

However, last month iSentia CEO John Croll confirmed revenue for 2017 is tracking to the consensus estimate of $162 million.

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