Blue Ant Media Corp. (BRMIF,BAMI.TO), a streaming, production, and distribution company, on Wednesday announced that it has entered a definitive arrangement agreement to acquire Thunderbird Entertainment Group Inc. (TBRD.V, THBRF) for approximately C$89 million, payable in cash and Blue Ant subordinate voting shares at a deemed price of C$1.77 per Thunderbird share.
The offering is expected to close in the first quarter of 2026.
The offer represents a 28% premium to the 45-day VWAP and a 50% premium to the closing price on November 25.
The acquisition provides Thunderbird shareholders the option to receive cash, Blue Ant shares, or a combination, subject to a C$40 million cash cap and proration.
Each Thunderbird share equates to roughly C$0.80 in cash and 0.1192 of a Blue Ant share, assuming full cash proration.
Blue Ant said the deal is expected to be immediately accretive to earnings and cash flow, supported by targeted cost synergies of C$7 million within 12 months.
The company expects the acquisition to expand its studio capabilities across unscripted, animation, and kids and young-adult content, while strengthening its distribution, licensing and consumer-products operations
On Monday, Blue Ant Media closed trading at CAD 8.20 on the Toronto Stock Exchange.
On Tuesday, Thunderbird Entertainment closed trading, 5.3571% higher at CAD 1.1800 on the Toronto Stock Ventrue Exchange.
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