(Alliance News) - Attraqt Group PLC on Thursday said the High Court of Justice in England and Wales has sanctioned its takeover by technology company Crownpeak Holdings LLC.
London-based Attraqt Group is an online shopping technology provider.
Crownpeak's subsidiary, Aegean Bidco Ltd, will acquire the entire issued and to be issued share capital of Attraqt, effective December 6. Dealings in Attraqt shares will be suspended on the same date, and its shares are expected to be cancelled from admission to trading on AIM the following day.
The acquisition brings Crownpeak greater scale in the UK and European markets and represents a platform from which to grow its geographic reach.
In September, Attraqt Group said the GBP63.2 million buyout was backed by shareholders in court and general meetings. Bidco will pay 30 pence per share.
Attraqt Group shares were up 0.2% to 30.05 pence on Thursday afternoon in London.
In its recent trading update for the six months that ended June 30, Attraqt's pretax loss widened to GBP2.2 million from GBP1.8 million the year before, although revenue increased 9% to GBP12.2 million from GBP11.1 million in the half year.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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