Digital media company Mooter Media (ASX:MMZ) has revealed its offer for the shares of educational software developer Entellect has closed with a 70% acceptance level.
Entellect and Mooter Media have agreed to jointly create an educational games joint venture.
Mooter Media has received acceptances amounting to some 1.22 billion Entellect shares for its offer, valued at 0.04 cents per share plus options.
The company intends to hold on to 20% of Entellect, distributing the remainder to its investors.
Entellect plans to consolidate its remaining shares and then undertake a rights entitlement issue to shareholders.
“Mooter will now work closely with the ESN board to successfully complete that issue, establish and co-develop an education initiative and have the shares in ESN re-quoted on ASX,” Mooter Chairman Peter Jermyn said.
Entellect separately revealed it had promoted non-executive director James Kellett to acting CEO. Kellett will hold the position for four months, helping to complete the sale and prepare for re-listing.
MMZ shares fell 6.67% to $0.014 during Friday's trading following the announcement.