The super-indie said this morning that it has agreed a cash offer of 45 pence a share from Red Dragon Acquisitions Limited, a new company set up for the bid and advised by Vitruvian Partners.
Tinopolis was ranked the seventh biggest owner/acquisitor in Broadcast's annual Indies Survey. Its portfolio includes Mentorn, sports indie Sunset + Vine, documentary specialist Folio and drama indie Daybreak Pictures, which produced Channel 4's Bafta-winning Britz.
In the year to 30 September 2007, Tinopolis' turnover leapt by 40% to£66m with a profit from operating activities before interest and taxation of£2.2m. At the time, it held net cash of£10.9m. Pre-tax profits rose by 142% to£2.56m.
Tinopolis independent director Rhys Davies will steer the progress of the acquisition and will advise shareholders at the company's general meeting.
The indie's executive management team, which also includes chairman Ron Jones, will invest£4.3m in Red Dragon as part of the deal.
"The acquisition represents an opportunity for Tinopolis shareholders to realise their entire investment in Tinopolis, in cash at a premium to the current Tinopolis share price, within a relatively short period of time,” said Davies.
“Moreover, the acquisition fairly reflects the company's future growth prospects from executing its business plan as a publicly listed company.”
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