Canadian broadcaster and publisher Rogers Media has reached an agreement with Canadian internet advertising network BV! Media Inc, to acquire it for $0.40 per share in an all cash deal.
The deal values BV! Media at approximately $25 million, a premium of approximately 100 per cent to the volume-weighted average trading price of the BV! Media shares for the past 20 trading days on the TSX venture exchange.
Claude Galipeau, SVP and GM, digital media, Rogers Media, said, ''BV! Media has an extensive line of ad solutions that we will incorporate into our existing digital media sales offerings. In addition, the Branchez-Vous! network of sites in Quebec will give us greater reach in the Francophone market.''
"After fifteen years as a successful standalone business we are eager to become part of one of Canada's largest media companies and to have our team and assets contribute to Rogers' expansion in both digital media and the Quebec market," commented Patrick Pierra, founder and co-CEO of BV! Media.
The deal unanimously approved by the board, will be closed after a shareholders meeting in late September.
Certain shareholders of BV! Media, including Patrick Pierra, president, content and co-chief executive officer, Gino Coutu, president, ad network and co-chief executive officer, Athanasios Vorias, chief financial officer, Lior Amar, chief technology officer and Harold E.