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Optimisa Bids for EQ with £6.4m Cash Deal
In the UK, holding company Optimisa has launched a cash offer for marketing services group EQ worth £6.4 million.
AIM-listed Optimisa said it will fund the acquisition through a conditional share placing at 1,300p per share, to raise £7.8 million before expenses.
EQ - which owns MR firms Buckingham Research Associates and Quaestor, as well as viewing facility Summit Studios - posted a 95% rise in pretax profit to £598,000 for the first half of the year (www.mrweb.com/drno/news7220.htm ).
The Optimisa Directors said that this latest acquisition will complement the group's existing activities in the market research, strategy development and data analysis areas. Non-executive Chairman Ron Littleboy confirmed that the firm had been looking for a business combination to significantly enhance the size and prospects of Optimisa, and added 'We believe that the acquisition of EQ will be earnings enhancing in its first full financial year of ownership.'
Last month, Optimisa almost doubled interim profit to £780,000 following acquisition of nxtMOVE and Andrew Irving Associates in 2006 (www.mrweb.com/drno/news7214.htm ). Earlier in the year, the firm stated that its results provided a strong platform for making further additions to the group (www.mrweb.com/drno/news6619.htm ).
Under the terms of the Offer, EQ shareholders will receive 72 pence in cash for each EQ Share held. EQ CEO Bob Bond said he will recommend that all shareholders accept this offer, saying it represents a significant premium to EQ's current share price and that it will create an enlarged group with an increased client base.
In May, Optimisa agreed to acquire Report International (www.mrweb.com/drno/news6744.htm ), The group says this latest acquisition is inline with its strategy of growth through a combination of acquisitions and organic growth within its subsidiary companies. Web sites: www.optimisaplc.com and http://website.eqinform.com .
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