Vonex Limited (ASX: VN8) Provides Update on Takeover Offers
Response to Swoop’s Conditional Offer
Vonex Limited (ASX: VN8) has responded to Swoop Holdings Limited’s off-market takeover offer, which remains uncertain and conditional. Shareholders are advised to take no action until Vonex issues its Target Statement. Swoop’s current offer lacks a cash alternative, with financing challenges lingering. Swoop has indicated it may seek financing but cannot guarantee successful outcomes, stating that significant changes to the offer may occur anytime during the offer period.
MaxoTel’s Cash Offer Update
In contrast, the board of Vonex continues to recommend its shareholders accept MaxoTel’s unconditional cash offer of 4.4 cents per share, expiring at the close of trading on 9 December 2024. Should the offer expire unaccepted, shareholders will lose this opportunity. The board highlights that in absence of the MaxoTel offer or a superior proposal, a Scheme of Arrangement is also available, offering 4.19 cents per share, although this is lower than the cash offer.
Scheme of Arrangement Delay
The scheduled Scheme meeting for the 9 December 2024 has been postponed to 27 February 2025. Vonex plans to issue a supplementary Scheme Booklet to address recent market movements. Shareholders can expect to receive consideration under the Scheme in the weeks following the rescheduled meeting.
Vonex CEO expressed confidence in their recommendations, stating that the board believes the cash offers are in the best interests of shareholders amidst uncertain alternatives.
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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