Blue Ant Media Go Public Acquiring Boat Rocker Media Reverse IPO
Indie studio Blue Ant Media, producer of unscripted series like Canada’s Drag Race and Northwoods Survival, has unveiled plans for a reverse IPO to trade on the Toronto Stock Exchange by acquiring assets from Boat Rocker Media Inc. Blue Ant, a private company controlled by former Alliance Atlantis head Michael McMillan, will go public via a reverse-takeover of Insight Productions, Jam Filled Entertainment and Proper Television picked up from Boat Rocker Media. As part of the deal, Boat Rocker Media will acquire all shares of Blue Ant, at a price of $2.25 each, or a 125 percent premium to the March 21 closing price of Boat Rocker Media stock. After the completion of the transaction, shares in Blue Ant Media Corp. will trade on the TSO. As part of the transaction, Blue Ant shareholders are expected to own a 73.5 percent stake in the Toronto-based media company, with Boat Rocker Media shareholders retaining a 26.5 percent holding. Blue Ant said it generated CAN$196 million (US$137 million) in revenues in its most recent fiscal year ending …