Mooter Media declares Entellect bid unconditional

Digital media company Mooter Media (ASX:MMZ) has declared unconditional its takeover offer for educational software developer Entellect (ASX:ESN).

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.

Mooter Media first made unsolicited offer for Entellect shares earlier this year, and dispatchedan amended bidder's statement in October.

MMZ shares ended Friday's trading unchanged at $0.007, while ESN shares closed at $0.002.