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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.
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By BFN News | 02:48 PM | Monday 25 January, 2021 Internet domain name owner Minds + Machines (MMX) has announced the appointment of Tony Farrow as chief executive and reported that revenues in 2020 were in line with the prior year, helped by consistent renewal revenue and an increase in new standard registration revenue.
Farrow, who rejoined the company at the end of October as interim chief executive, will join the board of directors following completion of regulatory due diligence.
In a trading update, MMX announced that revenues for the full year 2020 were largely in line with those for 2019, with renewal revenue consistent at 68%, while new standard registration revenue increased to 24%, with reduced dependency on premium domains.