EagleView increases offer for aerial snapper Spookfish; shares jump 13pc
US aerial photographer EagleView is so keen on picking up Australian peer Spookfish that its upped its takeover offer by 1c to 9c per share.
About six weeks ago Spookfish (ASX:SFI) announced they’d received a takeover offer from EagleView at 8c a share.
At the time that represented a $122 million bid and a significant premium to the ASX small cap’s trading price.
The new 9c offer, however, is a $113 million bid as Spookfish has issued 4.9 million new shares in the past month thanks to options being exercised and performance rights being converted.
Spookfish shareholders sent the stock up 13 per cent towards the new offer, sitting at 8.5c at 10.30am AEST Monday.
It has traded between 3.6c and 9.8c over the past year, but had lost close to 45 per cent before the takeover announcement.
The company’s product suite includes a range of aerial imaging services like SiteView, with key clients those in the government, developer and enterprise spaces.
Privately-held EagleView already has a 10 per cent stake in the business and worked with Spookfish on developing its products for the US.
In a statement to the ASX this morning Spookfish recommended shareholders vote in favour of the takeover, though an official document and timeline is yet to be released.
And it’s not just Spookfish’s board that sees potential in the deal.
Hoperidge Capital declared it had a “relevant interest” in 250 million, or 19.91 per cent, of Spookfish shares, and that it would also exercise all of its votes in favour of the takeover.