Monstermob today said its three top executives were to leave the mobile ringtone group after Spain's LaNetro Zed took a 52 per cent stake in the company.

Monstermob said non-executive chairman Hans Snook, chief executive Niccolo De Masi and finance director David Marks would all resign with immediate effect. It added that Zed’s Javier Perez Dolset would act as interim chief executive until a replacement was found.

Earlier the group had said that its shareholders had voted in favour of the £34 million takeover, at 50p a share, by LaNetro Zed, despite the promise of a higher rival offer from Chinese firm Linktone.

Linktone, which had announced an intention to offer 65p-a-share for a full takeover of the group if shareholders voted against Zed’s bid, ruled out making a formal approach.

Elaine LaRoche, the Linktone chairman, said: “Monstermob shareholders have spoken and Linktone respects that.”

The offer from the Chinese mobile phone services group would have valued Monstermob at £43.8 million, beating Zed’s deal to pay £34 million for 68 million newly invested shares.

However, the Monstermob board urged shareholders earlier this week to stick by the Zed offer without a firm offer on the table from Linktone, saying the Spanish deal “provides a solution to Monstermob’s funding needs”.

LaNetro Zed needed a 75 per cent majority to succeed with its offer, which is being put forward as a “strategic investment” rather than a full takeover approach.

More than 80 per cent of Monstermob shareholders voted for the Zed tie-up today.

The board of Lancashire-based Monstermob agreed to Zed taking a 53 per cent stake in December.

Linktone, which is listed on Nasdaq in the United States, is not believed to have been given access to Monstermob’s books.

Monstermob shares were down 13 per cent at 48p after the news.

The group’s shares have fallen dramatically over the past 18 months from just under 460p in September 2005.

Shares lost 60p in one day last summer after mobile phone company regulations in China were changed.

China had been Monstermob’s most profitable region and the group had acquired a number of local operators to cement its position, but the group admitted there was “considerable uncertainty” over the future of its Chinese operations after the July rule changes.

It has since significantly cut its Chinese workforce and has been in discussions with a number of parties over a possible sale.

Spanish counterpart Zed also has a presence in China, having grown its business to span 16 countries worldwide since launch in 1996.

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