|
What happens when you’re away! I’ve been away in Thailand on holidays with my family for a couple of weeks and it looks like it’s all going down for Dark Blue Sea (DBS) which Photon officially announcing a takeover.
 Photon Group announced yesterday its intentions to takeover DBS and made an offer of 30 cents a share for 50.1% of the company. Photon currently has a 30.55% interest and Huon Capital have already indicated that they will accept the offer for their 14.25%. This means that after 2 years Photon just needs 5.3% more of the shares to finally secure Dark Blue Sea.
The offer of 30 cents per share is at a premium of 56% over the current market price. It will be interesting to see if this is able to shake enough shareholders out of DBS for them to complete the takeover. Given how tight the DBS shareholding has been held over the years my guess is that Photon will be a little short and that the 30 cents was what Huon Capital would accept.
 To throw a further spanner into the works DBS has also just announced the takeover of an Australian Domain business and as a part of the deal they have issued 2 million additional shares at $0.20 per share. I assume that the shares will be in escrow for quite some time but it’s not a bad result for that company with a share price that’s immediately up at 30 cents.
A few minutes ago DBS CEO Greg Platz responded to the takeover from DBS with the following statement:
02 October 2009
CONDITIONAL OFF-MARKET TAKEOVER OFFER BY PHOTON GROUP
LIMITED
Photon Group Limited (“Photon”) has today announced an off-market takeover offer for Dark Blue Sea Limited (“DBS”). The offer is conditional and unsolicited. DBS is reviewing the offer documents prepared by Photon and will provide further advice to
shareholders in due course.
In the meantime, DBS shareholders are advised to take no action in relation to Photon’s proposal. DBS will keep shareholders fully informed of further developments as they occur, and will provide further information on Photon’s offer in time for shareholders to make an informed decision.
Pending receipt of DBS’s target’s statement, shareholders may wish to refer to the June 2009 DBS Annual Report either on our website or as released to the ASX on 28 August 2009.
For further information, please contact:
Greg Platz
Chief Executive Officer
Dark Blue Sea
What's going to be really interesting is if Photon doesn't get to the magic 50.1% level is that they are very likely to call another EGM and spill the board. I would say that it's almost a forgone conclusion that Photon will at the very least manage to get on the board and at least have some amount of control over an entity that it owns a huge chunk.
Like all good corporate battles I think that this one has a lot longer to go as 5.3% is a long way from 50.1%. I for one intend to hold onto my parcel of shares while it all plays out.
Trackback(0)
|
Article Archive 
TrackBack URI for this entry
Subscribe to this comment's feed
