Bentley-based Spookfish has struck a takeover deal with its largest shareholder, US-based EagleView Technologies, which values the local tech company at $121.6 million.
Under the scheme of arrangement, EagleView, which currently holds a 10.5 per cent stake in Spookfish, will acquire the remaining balance of shares at 8 cents each.
The offer represents a 56.9 per cent premium on Spookfish’s last closing price, with the company’s board unanimously recommending shareholders accept the deal.
The takeover is subject to regulatory conditions, including approval from the Foreign Investment Review Board.
Spookfish is focused on developing geospatial imagery products and services.
EagleView provides aerial imagery and data analytics in the US, and after initially investing in Spookfish in 2016, has helped the company commercialise its technology in North America.
Spookfish chairman Jason Marinko said the offer had been carefully considered by the board.
“The board believes this is a compelling offer given the 100 per cent cash consideration and the attractive premium to recent trading prices, and provides certainty of value for Spookfish shareholders," he said.
“The recommended acquisition of Spookfish by EagleView represents an excellent outcome for our shareholders and staff.”
EagleView chief executive Rishi Daga talked up the benefits of the deal.
“We are excited to welcome Spookfish’s technology, solutions and personnel to the EagleView portfolio,” Mr Daga said.
“After two years of rigorously developing and testing aerial cameras with our partners at Spookfish, we have unequivocally determined that this is the best capture solution for the next decade.
“With this technology we will reset the bar for aerial image quality and be able to enter new markets that require higher image resolution than is available today.”
The deal is expected to be completed in November.
Euroz Securities is acting as financial adviser and Clayton Utz as legal adviser to Spookfish.
Shares in Spookfish were up 47 per cent at 7.5 cents each at 2pm AEDT.
