)
Within two days of Brennan pulling out of the takeover race for AUCyber (ASX: CYB), Australia's largest privately-owned IT services provider Interactive has joined today with a $26.9 million offer.
As was the case with Brennan's withdrawal in response to a higher $22.1 million bid from suitor and substantial AUCyber shareholder 5G Networks (ASX: 5GN), the target company revealed the latest proposal after the market closed today.
AUCyber reports Interactive's $0.165 cash per share offer is confidential, non-binding and highly conditional, requiring satisfactory due diligence, a unanimous recommendation from the AUCyber board, deal protection mechanisms, change of control consents under material contracts, final board controls from Interactive, and no material adverse changes.
"In assessing whether Interactive’s Proposal qualifies as ‘superior’ to 5GN’s revised offer, the board will seek advice from its advisers, having regard to the price, offer structure, likely timing, source of funds, general conditions and the likelihood of any of these conditions being met," AUCyber said in a statement.
AUCyber also noted it would take into account how a potential scheme of arrangement could be impacted by 5GN’s existing voting interest.
In the meantime, the target company's board recommends shareholders take no action.
Formerly known as Sovereign Cloud Holdings, Brisbane-based AUCyber includes NEXTDC as a key shareholder with just shy of 32 per cent.
Whilst the latest offer is 49 per cent higher than 5GN's original $18 million offer in November, it is still short of the company's $0.23 per share trading levels in October around the time it changed its name to reflect a changed mix of businesses following several acquisitions.
)
