AUCyber Limited (ASX: CYB) Announces Competing Takeover Proposal
5G Networks Limited Takeover Bid
AUCyber Limited (ASX: CYB) has addressed the unsolicited takeover bid from 5G Networks Limited (5GN), offering $0.11 cash per share for 100% of AUCyber’s ordinary shares. This bid was first announced on 20 December 2024.
Competing Takeover Proposal
In response, AUCyber has received a non-binding, conditional proposal from Brennan to acquire its shares at $0.14 each. This competing offer represents a premium of approximately 28% to AUCyber’s five-day volume-weighted average price of $0.11 up to 19 December 2024. The board notes that the implementation of this proposal depends on several conditions, including satisfactory due diligence and the absence of material operational changes.
Board Recommendation
The Board of AUCyber has recommended that shareholders take no action regarding the 5GN takeover bid while the company evaluates the competing proposal. The company has engaged Latimer Partners and Baker McKenzie to assist with its takeover defence strategy. AUCyber will continue to inform shareholders of any developments in alignment with continuous disclosure obligations.
Motley Fool contributor Lianne Eastty 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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