Photon Announces Revised Unconditional Takeover Bid For Dark Blue Sea
In a joint press release issued today, domain name company Dark Blue Sea [ASX:DBS] and Photon Group [ASX:PGA] announced Photon’s unconditional buyout offer of DBS shares at 35 cents per share.
The company made a previous takeover offer at the end of October for 30 cents per share and explained the offer to shareholders in this document on November 13th. The new offer comes after recent negotiations between both companies. DBS directors, which hold 20.3%, have all confirmed their willingness to accept this offer. DBS Chairman Vernon Wills comments in the release indicate the sureness of this deal being sealed.
“We are pleased with the increased offer. It is in the best interest of DBS that this transaction is concluded as promptly and efficiently as possible. Our recommendation is directed at bring the transaction to a successful conclusion with minimum disruption to the company’s operations”
The offer will close December 14, which means the company will likely be under new ownership before the end of the year. What this means for the future of the domain registrar and parking business offerings at Fabulous is unclear.
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Original post by Adam Strong