TORONTO - Canadian mobile software company Iseemedia Inc. (TSXV:IEE) said Wednesday that 66 per cent of its shares have been tendered in the all-stock takeover bid by Synchronica PLC, based in the United Kingdom.
Synchronica and Iseemedia said they anticipate that the listing of Synchronica shares on the TSX Venture Exchange will be approved by Sept. 14, when the deal is set to close.
"We are extremely pleased that we are on track to complete the transaction and look forward to the results of this business combination in the world wide mobile messaging market," Anthony DeCristofaro, president and CEO of Iseemedia, said in a news release.
The U.K.-based company has committed to take up all Iseemedia shares tendered by Sept. 14 and said it expects to raise $7 million for the deal.
"We are encouraged by the higher than expected support for the acquisition from new and existing investors in both markets and the strong support of Iseemedia shareholders for our takeover bid," said Synchronica chief executive Carsten Brinkschulte.
In a separate transaction, the sale of Iseemedia's U.S. subsidiary RealBiz360 Inc. to Ackren Ltd. will be completed on or before Sept. 14, Iseemedia said.
RealBiz360 technology allows real estate professionals to integrate web marketing with ``virtual'' tours of the properties they're selling
Iseemedia's main focus is technology for delivering email and documents in large volumes to mobile devices over a cost-efficient network.
The Toronto-based company announced earlier this summer that it had agreed to be acquired by Synchronica in an all-stock transaction that will result in Iseemedia's current shareholders owning 25 per cent of the U.K.-based company's shares.
Shares in Iseemedia were at eight cents on Wednesday morning on the Toronto Stock Exchange.