Takeover Bid Launched for Dark Blue Sea

Thursday, October 1st, 2009

Photon launches takeover of Dark Blue Sea.

Dark Blue SeaPhoton Group has launched a takeover bid for Dark Blue Sea, parent company of Fabulous.

Photon currently owns 30.55% of all issued ordinary shares of Dark Blue Sea. The company is offering to buy outstanding ordinary shares for 30 cents per share, which it says is a 56% premium to the average share price over the past month.

Dark Blue Sea’s second largest shareholder, Huon Capital, says it intends to accept the offer provided that it doesn’t receive a higher offer.

Photon Group’s offer is subject to being able to purchase at least 50.1% of the company to gain control. It also requires that Dark Blue Sea not issue any additional shares. However, the day after Photon Group announced its offer, Dark Blue Sea announced that it had already issued additional shares the day before Photon’s offer.

Further Reading:

  1. Photon Group Submits Formal Takeover Offer for Dark Blue Sea
  2. Dark Blue Sea Accepts PGA Buyout, What Does it Mean for Fabulous?
  3. Photon Group Continues to Buy Dark Blue Sea Shares

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9 Comments » - Posted in Domain Registrars by

Comments

  1. Latest Domainer News
    October 1st, 2009 | 7:13 pm

    Takeover Bid Launched for Dark Blue Sea – http://tinyurl.com/y8lkszx

  2. Lee H.
    October 1st, 2009 | 7:14 pm

    I was just reading how Fabulous acquired a new Australia domain drop catcher. I wonder if the takeover is in anyway related. Also, any idea who they acquired?

  3. Frank Michlick (Domain Name News)
    October 1st, 2009 | 10:06 pm

    This is not the first takeover bid by Photon Group IIRC.

    However the shares they have issues are related to their purchase of the drop catching company.

    The company will issue 2 million ordinary fully paid shares by way of initial
    consideration to the vendors. Of these 2 million shares, 125,000 shares will be held
    in voluntary escrow for 12 months and 1,242,500 will be held in voluntary escrow for
    6 months. The agreement contains earn out hurdles for the next 2 years which if met
    will result in additional consideration being paid.

  4. Andrew Allemann
    October 1st, 2009 | 10:11 pm

    Thanks for filling in the gaps on that, Frank.

  5. Geo Domain Development
    October 2nd, 2009 | 10:22 am

    @Andrew

    There’s quite an interesting back story on this one. The full story will come out soon enough I guess!

  6. John Dawson
    October 3rd, 2009 | 2:46 am

    We are an http://www.enetica.com.au reseller who uses yheir domain name parking monetisation program run by dbs / fabulous.

    Enetica says DBS has not paid money to people for over 1 month andf they are late.

    somethings wrong somewhere

  7. Mike Robertson
    October 3rd, 2009 | 7:42 pm

    Hi John Dawson,

    Payments are made on the 10th of every month. Can you please send me an email (mike at fabulous dot com) with your username and I will check why you haven’t received payment.

    Cheers,

    Mike
    Fabulous.com

  8. Domain Name Wire » News » Dark Blue Sea and GoDaddy Get Back Together - The Domain Industry's News Source
    October 16th, 2009 | 1:55 pm

    [...] Perhaps it’s one of those on-again, off-again relationships, as the two registrars have inked another sales agreement. This is good news, given that an outside investor is currently trying to takeover the company. [...]

  9. Domain Name Wire » News » Photon Group Submits Formal Takeover Offer for Dark Blue Sea - The Domain Industry's News Source
    October 30th, 2009 | 11:34 am

    [...] Hughes says the offer represents a premium to the average share price prior to the company’s buyout announcement. It also represents 16 times Dark Blue Sea’s FY2009 earnings before interest, taxes, and [...]

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