Synchronica (LON:SYNC) is rapidly moving toward closing the acquisition of Canadian mobile email competitor iseemedia, of which it already owns 74%.
Synchronica two days ago extended its offer until 24 September, giving itself more time to acquire at least 90% of the company.
During the offer period, Synchronica may take up any additional shares or warrants deposited in accordance with the bid's terms.
With 74% shares under take-up, the threshold condition which required more than 51 percent of the iseemedia shares to be tendered, has already been exceeded. Alongside the acquisition, Synchronica plans to raise C$7.5m through a placing.
Synchronica is looking to take its addressable market to 853 million subscribers with the acquisition as well as expand its reach into India, which is currently the second largest mobile market worldwide.
Concurrently with Synchronica's acquisition, iseemedia has disposed of its subsidiary RealBiz 360 Inc. and related assets, which are not related to the business of mobile communication, generating C$1.53 million.
Synchronica will soon add a listing on the Toronto Stock Exchange (TSX) in addition to the existing London quote.