Bulletproof finds a buyer, snubs hostile bidder Macquarie Telecom
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Bulletproof has found a buyer and a way to spite hostile bidder Macquarie Telecom.
The web host and cloud services provider (ASX:BPF) has agreed to sell itself to IT manager Klikon Group.
Klikon’s subsidiary AC3 will buy 100 per cent of Bulletproof, for 15.2c per share.
Bulletproof shares were up 7 per cent to 14.5c at 12.30pm AEDT.
Macquarie Telecom, through a subsidiary, was offering 11c — the same amount it had offered the CEO Anthony Woodward last year — who accepted without telling the board.
Bulletproof has been fighting the hostile takeover bid since, and Klikon was the most obvious buyer among a range of offers in January.
“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,” said chairman Craig Farrow.
“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.”