Eagleview lifts spookfish bid to $136 million

Peter WilliamsThe West Australian US aerial imagery company EagleView Technologies has raised its offer for WA technology company Spookfish to about $136 million. The 10.5 per cent Spookfish

shareholder today said the cash offer had been re-priced to 9¢ a share from 8¢. The move follows Navitas founder Rod Jones telling EagleView on Friday his family trust had a relevant

interest in 19.9 per cent of Spookfish shares and would back the deal if the price went up to 9¢. The takeover is subject to a shareholder vote and Foreign Investment Review Board approval.

Spookfish’s shares were up 1.2¢, or 16 per cent, to 8.7¢ at 12.12pm. The company’s board had previously recommended the 8¢ offer, subject to no higher bids and approval by an independent

expert. Brokerage Euroz described the EagleView bid as “somewhat opportunistic” in timing but acknowledged the bidder held the whip hand over Spookfish via its long-term, exclusive use of

the WA company’s technology in the US market and shareholding. “Now the largest independent Spookfish shareholder Hoperidge (Jones’ family trust) has accepted the new 9¢ a share bid we see

it as highly unlikely that a rival bidder for Spookfish will emerge or a an increased bid will be realised,” analyst Ben Laird said. EagleView acquired its Spookfish stake two years ago and

has partnered with the geospatial imagery specialist to commercialise its technology in the US. Spookfish was backdoor-listed in 2014, with Mr Jones, former Amcom chairman Tony Grist and

Market Equity founder Brent Stewart among its investors. The stock traded as high as 10¢ last year. The company says its technology enables rapid imaging of vast areas in high resolution at

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