Blue Ant Media Going Public Through Reverse Takeover Of Boat Rocker Media
deadline.comCanada‘s Blue Ant Media will go public after completing a deal for listed compatriot Boat Rocker Media. The agreement will see the Michael MacMillan-owned Blue Ant listing on the Toronto Stock Exchange through a reverse takeover of Boat Rocker, whose management is concurrently buying out its studios business.
Boat Rocker, which makes the likes of The Great Canadian Baking Show, is already listed on the TSX, and the agreement will see it acquiring all outstanding shares in Blue Ant in exchange for subordinate voting shares in the resulting business.
Once the deal closes, the company will be renamed Blue Ant Media Corporation and, subject to regulatory approval, begin trading on the TSX, with Blue Ant shareholders owning about 73.5% of the company and Boat Rocker shareholders taking the rest.
MacMillan, who founded Blue Ant, will be the CEO, with Brad Martin the chairman. The reverse takeover – in which a privately-owned company buys a listed one – allows the acquirer to list on the stock market without holding a traditional IPO.
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