Blue Ant Media Goes Public in Reverse Takeover of Boat Rocker Media

variety.com:

Naman Ramachandran Blue Ant Media will acquire publicly traded Boat Rocker Media through a reverse takeover, bringing founder Michael MacMillan back to the public markets, the companies announced Monday.

The deal marks a return to the public markets for Blue Ant’s founder and CEO MacMillan, who previously built Alliance Atlantis into a global powerhouse before selling it for CAD$2.3 billion (approximately $1.6 billion) in 2007.

Under the agreement, Toronto-based Blue Ant will acquire all outstanding shares of Boat Rocker Media in exchange for subordinate voting shares at an exchange ratio of 1.25 Boat Rocker shares for each Blue Ant share.

The transaction values Boat Rocker shares at CAD$1.80 (approximately $1.26) pre-consolidation, representing a 125% premium to Boat Rocker’s March 21 closing price on the Toronto Stock Exchange.