Photon launches takeover of Dark Blue Sea.
Photon 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.