Sydney- A short but spirited bidding war for Beyond International Limited resulted in the Beyond board agreeing to a takeover offer from private equity firm Navis Media Pty Ltd (Navis Media). Navis Media will acquire all stock in Beyond for $A1.22 cash per share, a 31% premium to the average price of the last six months, valuing the Australian television producer-distributor at $A74.6 million ($US62 million). That trumped a bid four days earlier by Mariner Financial Limited, which offered $A1.15 per share, worth $A68.7 million ($US57.8 million). The deal is subject to approval by shareholders at a meeting expected to be held in November. Mikael Borglund will continue as CEO of Beyond, but Ian Ingram will step down as Chairman. Ingram, the Deputy Chairman of Mariner, which owns 11% of Beyond, recommended accepting the offer in the absence of a superior proposal. It is the first investment in Australian media by Navis Capital Partners, which manages funds of more than $US1.5 billion.
Ad – Before Content
Related Articles
- Dejero Smart Blending Technology opens new opportunities for UK live events broadcast company
- Prime Video and MGM International Launch MGM+ on Prime Video Channels
- GoQuest Media Strikes Option Deal For Dreamed Series Troll Farm
- Dandelooo Acquires Worldwide Rights To CGI Series PongPong Dino
- Future of Video in India Sees Much Optimism for Growth with Technology as the Enabler for the Consumer
- PlayBox Neo to Promote Latest Smart Media Playout Innovations at CABSAT 2024