Motio signs acquisition deal with IVE Group
- Motio entered into a binding scheme implementation deed with IVE Group for the acquisition of 100% of Motio's shares and placement options.
- Shareholders of Motio will receive 6 cents cash consideration per share, representing a 15% premium to its closing price of 5.2 cents on Sept. 18.
- The transaction aims to fully integrate Motio into IVE Group Australia to expand its market footprint across media and marketing services.
Motio (ASX:MXO) has agreed to be acquired by IVE Group Australia, a subsidiary of IVE Group (ASX:IGL), via a scheme of arrangement that values Motio shares at 6 cents cash each.
The 6 cents per share consideration offers Motio shareholders a 15% premium over the undisturbed closing price of 5.2 cents on Sept. 18, as well as an 18% premium to its three-month volume weighted average price of 5.1 cents.
Holders of Motio placement options will receive 0.6 cents cash per option under a concurrent creditors' scheme.
The agreement allows Motio to determine and pay a cash dividend to shareholders prior to implementation if its net cash balance exceeds $4 million.
The board of Motio unanimously recommended that shareholders vote in favour of the proposed acquisition in the absence of a superior proposal and subject to an independent expert's report.
Following the announcement, the Motio share price was unchanged at $0.059.
The transaction structure requires approval from Motio shareholders and option holders through respective scheme meetings.
