Datamonitor founder inks deal to take control at TMN

The proposed deal will see TMN, which owns research agencies ID Factor and ICD Research, acquire all the shares in Danson’s company Progressive Digital Media by issuing Danson with more than 290 million of its own shares. The combined group will then change its name to Progressive Digital Media.

Danson already owned 28% of TMN and will now hold 84.87% of the combined group. The deal proposes that existing TMN CEO Mark Smith, CFO Craig Dixon and non-executive directors Vince Smith and Bruce Fair will resign from their positions on the board.

The proposal will be voted on at an EGM on 24 June and, if the deal is agreed, shares in the combined company will be re-admitted to the stock exchange the next day.

Progressive boss Danson said: “I am convinced that in these difficult economic times, an enlarged group will be better placed to trade successfully in the challenging market, take advantage of increased scale, greater financial stability and flexibility and ultimately deliver strong levels of growth over the medium term.”

Danson founded Datamonitor in 1989. He took the company public 11 years later and it was sold to publishing group Informa in 2007 for £502m, netting him more than £60m.