D2 Marketing has agreed to be acquired by majority shareholder Co-Investor Capital Partners for $0.6 cents per share.
Co-Investor already owns an 86.9% stake in D2 Marketing as a result of convertible notes issued by D2 during its recapitalisation progress. The company today converted 5.5 million of these notes.
The D2 board has recommended shareholders accept the offer in the absence of a superior proposal, and announced they will be taking advantage of the offer themselves.
“It has recently become clear that the financial turnaround will take longer than initially anticipated and that the company will recquire significant further funding,” D2 independent director Paul Tobin said.
“The bid committee believe that the offer provides the best opportunity for shareholders to realise value for their investment.”
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.