Synchronica (LON:SYNC) said the proposed offer to acquire iseemedia (TSX-V:IEE), has been taken up by shareholders representing in excess of 74 percent of the total issued and outstanding shares of iseemedia as of September 14, sufficient for Synchronica to take control of the business.
The mobile email and data synchronization group first announced the friendly takeover plan in July 2010 and a fortnight ago, it announced it had received strong support for the proposed deal, with 66 percent of the offer tendered. The company noted then it had exceeded the threshold condition which required more than 51 percent of the iseemedia shares to be tendered.
In order to acquire 90 percent or more of iseemedia, Synchronica has extended the offer until 5.00 pm (Toronto time) on September 24 2010.
Alongside the acquisition, Synchronica plans to raise C$7.5m through a placing.
Synchronica also announced today that it has received conditional approval to list its ordinary shares on the TSX Venture Exchange.
It expects the placing to be completed concurrently with the listing of Synchronica's ordinary shares on TSX-V or shortly thereafter.
Synchronica confirmed that a definitive purchase agreement for the sale of iseemedia's RealBiz360 Inc unit has been entered for a sale price of CDN $1.53 million, with completion expected today.