Suspended software company Sofcom (ASX:SOF) has arranged to acquire online gambling company 2up Holdings in a reverse takeover.
If shareholders agree to the proposal, Sofcom will pay an unspecified amount of its shares to buy a 100% stake in 2up Holdings, and then make the online gambling component of the 2up the converged company's predominant business.
Sofcom will meanwhile change its name to 2up Holdings Limited and apply to be re-quoted on the ASX.
More details and a notice of shareholder meeting should be dispatched in July, Sofcom said.
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