Blue Freeway taken private
The ASX agony appears to be over for Blue Freeway with an agreement for its majority shareholder, Michael Hannan’s IPMG, to take the company private.
The troubled marketing group, which saw its share price slump after founder Richard Webb was ousted, is being acquired by IPMG at a price of 4c a share, the company told the ASX today. The company had been languishing on the ASX with a market capitalisation of about a tenth of its original $60m floatation value. However the IMPG price is more than double its recent lows.
IPMG already held about three-quarters of the company’s stock. Companies within Blue Freeway’s portfolio include MassMedia, Holler, Blackglass and JSA Digital, plus PR firms Max and Spectrum.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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