Morgan Creek cuts all-stock deal for Glob Media.
24 May 2012 a[euro]" US oil and gas exploration company Morgan Creek Energy Corp (OTCBB:MCKE) said it had agreed a stock-for-stock deal for Glob Media Works Inc, a Washington-based operator of social search platform Taglikeme.com.
The Internet portal allows users to view results from Bing and Google, the two most popular search engines, as well as related search results from social media platforms such as Facebook, Twitter and YouTube and popular website Wikipedia. Taglikeme.com also incorporates social media functions, letting users to connect and talk to other individuals around the world interested in similar topics.
Morgan Creek said that the stock exchange agreement was signed on 14 May and the transaction is expected to close by mid-June. Once the deal is finalised, Morgan Creek will take full ownership of Glob Media Works and the intellectual property associated with Taglikeme.com.
The buyer will get all issued and outstanding Glob Media shares in exchange for about 9.1m of its common shares. Their distribution to Glob Media shareholders will be made on a pro rata basis according to the percentage ownership of each vendor.
The transaction is subject to a number of conditions, one of them being the receipt of all necessary approvals. This includes sanction from the boards of the two companies. Completion also depends on due diligence and on operations review at each company.Country: USASector: IT/Online ServicesTarget: Glob Media Works IncBuyer: Morgan Creek Energy Corp Type: Corporate acquisitionFinancing: All-stockStatus: Agreed
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|Publication:||M & A Navigator|
|Date:||May 24, 2012|
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