(Alliance News) - Minds + Machines Group Ltd on Thursday said it has agreed to sell most of its assets to GoDaddy Inc for USD120 million in cash.
Shares in Minds + Machines, a web domain registry company, were up 59% to 7.30 pence in London.
Owners of 64% of Minds + Machines shares confirmed they will vote in favour of the sale, the company said. After transaction costs, the offer is worth an estimated 8.8p per share, a 92% premium to Tuesday's closing price.
Minds + Machines is selling because it expects limited opportunity for organic growth without fundamental changes, it said.
"The board was able to consider the approach from GoDaddy Registry as part of its broader strategic review and following a period of robust negotiation and extensive due diligence the board is pleased to announce and recommend the proposed sale," Chief Executive Tony Farrow said.
By Ivan Edwards; firstname.lastname@example.org
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