Trimantium GrowthOps closes in on Asia Pacific Digital acquisition
Consulting and marketing group Trimantium GrowthOps is close to completing its takeover bid for ASX-listed marketing and digital transformation firm Asia Pacific Digital.
The company announced to the ASX today that it now controls 80% of APD’s stock, up from 15.85% last Friday and just short of the 90% required for Trimantium to compulsorily acquire the Singapore based company’s outstanding shares.
The $20 million deal announced in June saw TGO, the owner of advertising agencies AJF Partnership and Khemistry, offer one share for 8.9 of Asia Pacific Digital’s shares.
Both APD’s and Trimantium’s stock prices remain unchanged from last week, at 10c and $1.33 respectively.
If completed, the deal will more than double Trimantium GrowthOp’s existing headcount of approximately 260 employees with APD having 300 staff in its Singapore, Kuala Lumpur, Manila, Singapore, Sydney, Melbourne and Auckland offices.
APD has been shrinking in recent times, having been forced to close its Shanghai office after losing Ford’s East Asian technology account.
APD folded its five digital agencies – DGM, Empowered, Jericho, @ccomplice and Next Digital – into the single parent brand in 2015
In Australia, Trimantium-owned AJF Partnership was revealed to have lost the Coles Liquor account to JWT earlier this month.
Trimantium GrowthOps’ spokesperson was unable to comment on the progress on the stockmarket transaction, referring Mumbrella to the ASX announcements.
