Mooter Media declares Entellect bid unconditional
- 12 November, 2010 18:11
Mooter Media, which is offering two MMZ shares and two options for Entellect shares in a deal endorsed by Entellect's board, has freed its offer from all of its defeating conditions.
These conditions included an inability secure minimum acceptances of at least 50.1% of ESN shares by the close of the offer period, Entellect deciding to reduce its share capital or be wound up, or to sell a substantial part of its business.
As of November 12, Mooter Media had secured a 23.96% stake in Entellect, the company said in a statement.
Entellect's board values the offer, not including the attached options, at 0.04 cents per share.
MMZ shares ended Friday's trading unchanged at $0.007, while ESN shares closed at $0.002.