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Investing.com-- Video streaming platform Rumble Inc (NASDAQ:RUM) said on Sunday evening that it had informed Northern Data AG (F:NB2) of its interest in pursuing an all-stock takeover of the cloud computing firm.
Rumble said it will potentially offer 2.319 Rumble shares for each Northern Data share, representing a per-share value of about $18.27, based on Rumble’s Friday close. The final exchange ratio was yet to be determined, and will only be known after due diligence and negotiation, Rumble said in a statement.
Rumble said Northern Data’s biggest shareholder, stablecoin operator Tether, had indicated it would support the deal. Tether also stands to become Rumble’s biggest shareholder if the deal proceeds, and will become a customer of the firm with a multi-year commitment to purchase processors, Rumble said.
Rumble’s potential offer also assumes the Northern Data’s cryptocurrency mining unit will be disposed off prior to the completion of any takeover, with the net proceeds of the disposal to be used to reduce existing debt obligations to Tether, the streaming firm said.
Tether had in December agreed to invest $775 million in Rumble.