Macquarie Telecom’s offer for Bulletproof has gone unconditional
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Macquarie Telecom Group’s 11c offer for Bulletproof has gone unconditional.
Macquarie now owns 16.48 per cent — its shareholding has barely moved since it launched the hostile bid.
The offer was now “free from all of its defeating conditions”, Macquarie told investors today.
Nevertheless Bulletproof (ASX:BPF) is still recommending shareholders reject the offer in favour of a 15.2c per share bid from Klikon Group.
Macquarie Telecom (ASX:MAQ) was able to declare the offer unconditional even if they didn’t reach the 90 per cent compulsory acquisition level.
Macquarie launched the bid in November when it did a secret deal with the CEO and co-founder Anthony Woodward to buy his 16.11 per cent stake at 11c a share.
They then surprised the board with an equivalent offer for the rest of the company’s shares.
Bulletproof shares dipped to 13.5c on Friday morning while Macquarie Telecom remained flat at $16.98.