Swoop Holdings Limited (ASX:SWP) Updates Takeover Offer for Vonex Limited
Takeover Offer Details
Swoop Holdings Limited (ASX:SWP) has provided an update on its off-market takeover offer for Vonex Limited. The offer aims to acquire all ordinary shares of Vonex that Swoop does not already own, as outlined in the Bidder’s Statement dated 22 November 2024.
The Vonex Board expressed concerns regarding the absence of a cash component in Swoop’s offer, considering the competing offer from Maxo Telecommunications, which is priced at $0.044 per Vonex share. Swoop Holdings noted its current inability to include a cash alternative in the offer but is actively seeking financing options to potentially introduce a cash component.
Future Intentions and Variations
Should Swoop Holdings secure financing on acceptable terms, it plans to revise the offer to include cash and part cash alternatives priced above the current MaxoTel offer. Once finalised, a supplementary bidder’s statement will be issued to Vonex and its shareholders detailing the updated offer.
If the offer is varied, Vonex shareholders who previously accepted the current offer will have the opportunity to select their preferred form of consideration in accordance with the Corporations Act 2001 (Cth). Swoop has made it clear that there is no guarantee it will secure the requisite financing to modify the offer.
Executive Insights
The Swoop Holdings Board is committed to negotiating terms that provide Vonex shareholders with enhanced options, enhancing the appeal of the takeover offer. Further updates will be provided as the financing discussions progress.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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