Sofcom proposes Bluechiip reverse takeover

Sofcom proposes Bluechiip reverse takeover

Suspended former internet services company Sofcom (ASX:SOF) has made an offer to acquire Bluechiip Limited in a reverse takeover.

Bluechiip is an unlisted public company that is in the process of commercialising tracking and monitoring solutions. The company has identified the healthcare, cold chain logistics, aerospace and security sectors as possible markets for its products.

The all-stock deal is contingent on a number of conditions, including shareholder approval from both companies and a capital raising by Sofcom raising at least $3 million via a public offer. These funds if secured will be used to build Bluechiip's business, Sofcom said.

If the acquisition closes Sofcom will change its name to Bluechiip Technologies and replace its board, the company added.

Sofcom has not traded as a public company since 2005. An attempt to pursue a reverse takeover of 2up Holdings was abandoned in July, and an earlier bid to acquire Billionstocks fell apart in February.

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Tags BluechiipSofcomBillionstocksreverse takeover2up HoldingsASX:SOF

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