ASX-listed Dreamscape Networks has received an acquisition proposal from US-headquartered Web.com Group for all Dreamscape shares.
The $105.2 million acquisition has been unanimously recommended by the Dreamscape independent board committee in the absence of a superior proposal prior to the scheme meeting.
“With a significant premium to the current trading price, Web.com’s offer provides Dreamscape shareholders with certainty of value and the opportunity to realise their investment in full for cash," Dreamscape chairman Peter James said.
"Dreamscape’s customers will benefit from the resultant increase in scale to deploy unique, simple and innovative online solutions, as well as a broader product suite and service capability," he added.
Dreamscape requested a trading halt on 22 July pending an announcement regarding a "control transaction".
The domain registration, hosting and online solutions provider, expects to close the 2019 financial year with revenues in the range of $71.5 to $72.7 million.
Net profit after tax is expected to reach up to $4.98 million and earnings up to $11.1 million.
Dreamscape, which owns Crazy Domains, announced plans to acquire Singapore’s Webserver.sg for S$460,000 in August 2018.