Minds + Machines shares soar after deal to sell assets to GoDaddy
Thu, 8th Apr 2021 12:05
(Alliance News) - Minds + Machines Group Ltd on Thursday said it has agreed to sell most of its assets to GoDaddy Inc for USD120 million in cash.
Shares in Minds + Machines, a web domain registry company, were up 59% to 7.30 pence in London.
Owners of 64% of Minds + Machines shares confirmed they will vote in favour of the sale, the company said. After transaction costs, the offer is worth an estimated 8.8p per share, a 92% premium to Tuesday s closing price.
Minds + Machines is selling because it expects limited opportunity for organic growth without fundamental changes, it said.