December 10, 2007 – (HOSTSEARCH.COM) – Web hosting provider Hostworks will be taken over by Broadcast Australia, it was reported recently. The Adelaide-based company agreed to a $68.9 million takeover and recommended its shareholders accept the offer. The takeover has been unanimously recommended by Hostworks’ board. The announcement of the takeover saw significant gains in the company’s shares.
Managing Director Marty Gauvin and Director Stephen Chapman have granted Broadcast Australia (BA) an option over 19 per cent of Hostworks shares, as have other key shareholders. Mr. Gauvin said it was his intention to stay with the business after the takeover. “From my point of view is what very important that we ticked the shareholder box, and we've done that, but also from the point of view of customers and staff this is an excellent deal,'' Mr Gauvin explained.
Hostworks provides a range of web hosting services. The company’s customers include ninemsn and Optus. Broadcast Australia owns an analogue and digital transmission network covering about 580 sites through Australia, which provides AM and FM radio, and television broadcasting services to clients including the ABC and SBS.
