Fully subscribed tender offer returns cash to shareholders.
MMX (aka Minds + Machines, AIM: MMX) has completed a tender offer and returned £58.0 million to shareholders.
The tender offer was initiated to return capital to shareholders after GoDaddy (NYSE: GDDY) paid approximately £88 million for the majority of its assets. MMX is (was) a top level domain name company and sold all of its remaining top level domain names to GoDaddy. Its assets included names such as .vip, .works and .xxx.
MMX bought back and canceled 69.0% of the company’s outstanding shares through the tender offer at a price of 9.6 pence per ordinary share. Shares are now trading for about 8.5 pence.
The company is now providing support services to GoDaddy for a limited time.