It is understood Integral Ad Science has made an offer at a big premium to Adveritas’ 7.9¢ a share last close and at a higher level than its 10¢ a share raising from last month.Integral Ad Science wants Adveritas to back a scheme of arrangement which, if it chose to, could see the Australian company fall into American hands early in the new year.
Adveritas runs ad fraud prevention software, TrafficGuard, which is used by enterprise clients to detects, mitigates and reports on digital ad fraud . Mark McConnell, who co-founded the now Pacific Equity Partners owned Citadel Group, and his related entities own 15.94 per cent of the company.New York-based Integral Ad Science, which has about a $US1.5 billion market capitalisation, operates in a similar market. Its specialty is digital advertising verification, and help 2000 brands, agencies and publishers activate and optimise their campaigns.
It looks to be a case of another offshore suitor swooping on a bombed-out Australian tech stock, similar to ELMO Software, Nearmap and Nitro Software.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
Source: News Formal (newsformal.com)
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