Early today, a dealer in on-demand TV software and solutions, Espial (News - Alert), announced that it has entered into a co-operation agreement. In exchange for all cash consideration of GBP0.205 per outstanding share, Espial has offered to acquire all of the outstanding shares of ANT plc.
At approximately GBP 5 million, the offer values the issued ordinary share capital of ANT. Recommending that shareholders accept the offer, ANT's board of directors has announced its support of the acquisition. From holders of 47 percent of ANT's outstanding shares, Espial has already received irrevocable undertakings to vote in favor of the acquisition.
The acquisition is expected to close in Q1, 2013 pending receipt of necessary shareholder, court, regulatory and other customary approvals. Headquartered in Cambridge UK, ANT provides IP, Hybrid and Connected TV products and services. Its customers include major TV manufacturers, set-top box vendors, broadcasters and service providers.
Featuring rich HTML5 user experiences across set-top boxes, tablets and smartphones, ANT has successfully deployed its high performance software. Moreover, through standards initiatives, ANT has built significant industry thought leadership. It is a founding member of HbbTV, which is Europe's popular HTML5-based hybrid broadcast broadband TV standard
“Multiscreen video services on set-top boxes, smart TVs, tablets, PCs and smart phones are quickly becoming the new expectation for today's consumers. Delivering superior user experience across these devices is a critical element to the success of TV service providers,” said Jaison Dolvane, CEO of Espial.
He added that to extend its HTML5 market leadership, the acquisition of ANT provides Espial with the increased scale, resources and depth of experience. While delivering complex vertically integrated client software solutions, ANT also provide rich expertise in delivering HTML5 user interfaces and applications. In order to establish Espial as a clear market dealer as TV service providers aggressively move to IP video delivery, it believes that the acquisition of ANT will extend its capabilities.
Edited by Brooke Neuman