Spark is circling a wounded prey.
Spark's proposal does not include significant synergy benefits if Spark were to acquire control, says TeamTalk.
A resumption of dividends is some way off.
The company reported a loss of $1.3 million, or 4.6 cents per share, in the 12 months ended June 30.
The investment bank will review TeamTalk's "strategy and the subsequent evaluation of different options.
Andrew Miller will take up the role at the Wellington-based company in September.
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