2009/10/02

Domain Name News: “UPDATE : Dark Blue Sea Response To Photon Takeover” plus 2 more

UPDATE : Dark Blue Sea Response To Photon Takeover
Photon Group Launches Takeover Offer For Dark Blue Sea
Dark Blue Sea Acquires Australian Drop Catcher

UPDATE : Dark Blue Sea Response To Photon Takeover

Posted: 01 Oct 2009 11:12 PM PDT

Dark Blue Sea CEO Gregory Platz has released a statement pertaining to the Photon Group Takeover announcement

The memo advises :

DBS is reviewing the offer documents prepared by Photon and will provide further advise to shareholders in due course.

DBS Shareholders are advised to take no action in relation to Photon’s proposal.

As expected the company informs shareholders that they will keep them informed and that they should reach out to Platz if they would like more information.

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Photon Group Launches Takeover Offer For Dark Blue Sea

Posted: 01 Oct 2009 10:21 PM PDT

Photon Group Limited, one of Australia’s largest communications companies representing more than 49 independent specialist businesses, has launched a takeover bid for Dark Blue Sea, the parent company of Fabulous.com.

Photon, which already owns 30.55% of all DBS company issued shares, is offering 30 cents per share for all of the remaining ordinary shares in Dark Blue Sea (ASX:DBS).

“Photon believes the bid is an extremely attractive offer for DBS shareholders, representing a 56% premium to the average trading price of DBS shares in the last month,” said Tim Hughes, Executive Chairman of Photon Group.

The only condition to Photon’s offer is that it receives a minimum acceptance of 50.1% and that certain prescribed occurences do not occur before the offer takes effect (click here for details). Dark Blue Sea shares rose 57.5% today to 0.315.

[via Photon Group]

UPDATED :
Dark Blue Sea CEO Greg Platz has released a statement at the DBS site.

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Dark Blue Sea Acquires Australian Drop Catcher

Posted: 01 Oct 2009 01:09 PM PDT

In a Dark Blue Sea press release, the parent company of Fabulous.com announced the acquisition of an Australian Domain Name Business — enabling the company to become an Australian domain name reseller and generate revenues in AU dollars to help combat the current exchange rate.

“The acquisition will provide a source of A$ revenue which provides a natural hedge on part of Dark Blue Sea’s currency exposure,” the release said. “Currently the majority of Dark Blue Sea’s revenue and cost of goods sold is denominated in US$ with the majority of overheads denominated in A$.”

The acquisition positions Dark Blue Sea at the forefront of the emerging Australian domain market.

[via Dark Blue Sea]

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