AC3 is set to acquire 100 per cent of cloud services provider Bulletproof after the company’s $0.152 per share offer received the blessing of Bulletproof’s independent board committee.
The $24.7 million acquisition is still subject to shareholder and court approval. Bulletproof announced today that it had entered into a scheme implementation deed with AC3.
Today’s announcement is a setback for Macquarie Telecom, which in November revealed it was seeking to acquire Bulletproof, offering $0.11 per share.
An application by MacTel to the Takeovers Panel was rejected earlier this month. The company had argued that there were deficiencies in the independent expert’s report that assessed its offer for Bulletproof.
“We are delighted to present the scheme to the shareholders of Bulletproof, as it provides materially better value than the takeover offer announced by Macquarie Telecom Group in November and at an offer price that is compelling for our shareholders,” Bulletproof chairperson Craig Farrow said in a statement released today.
“I’m confident that the combination of AC3 and Bulletproof should also be highly attractive to both our employees and customers given the capabilities and strength of a combined AC3 and Bulletproof group.”
Bulletproof shareholders will have the opportunity to vote on the proposed deal at a meeting expected to be held in May. If the acquisition offer is given the go-ahead it is expected to be implemented in 2018.