Tokyo stock exchange listed LIFULL Co. Ltd (TSE: 2120) has made an offer to acquire the ASX listed Mitula Group for AUD 187 million or AUD 0.85 per share - a significant premium on the current share price of AUD 0.45.
Once acquired, LIFULL plans to merge the operations of Mitula and Trovit to create a leading player in the global online classifieds industry. The combined operations will service 63 countries and receive over 170 million visits each month.
Mr Simon Baker, Chairman of the Mitula Group, said: “Mitula Group and Trovit have independently developed leading positions in the global online classifieds industry and are a natural fit in terms of strategy, strong management, customers, products, and global footprint.
“The proposal put forward by LIFULL represents a highly attractive premium for the Mitula Group shares as well as allowing shareholders the opportunity to share in the future growth of the combined business by holding LIFULL shares. The Board’s unanimous recommendation is that shareholders vote in favour of the Scheme.”
LIFULL’s President and CEO, Takashi Inoue, said: “We have been very impressed by how the leadership team at Mitula have implemented their ‘Closer to the Transaction’ strategy and delivered strong growth for the business.
“We are excited by the opportunity to bring together the Mitula Group and Trovit to expand our presence in international markets and to create a significant player in the global online classifieds industry.”
Join us in Miami from the 20th to the 22nd of June for the Global Online Marketplaces Summit. Our summit theme is From Classifieds to Marketplaces – Capturing Value from the Transaction and we’ll hear from Global Leaders who are creating the Online Marketplaces of Tomorrow.