Bulletproof board rejects Macquarie Telecom advances
0Bulletproof board rejects Macquarie Telecom advances.
The independent expert appointed by the board of Bulletproof to evaluate the November AU$18 million offer for the company from Macquarie Telecom has declared that the offer is "not fair and not reasonable", and low-balled Bulletproof's valuation by one third.
Consequently, the board has advised investors to ignore all documents sent from Macquarie BidCo.
In November, ZDNet reported that the offer faced hurdles from significant investors, with Microequities Asset Management increasing its stake to oppose the deal, and Bulletproof co-founder Lorenzo Modesto said the bid was too low and his company's 12.6 percent stake would be used to oppose the deal.
"Major shareholders holding a relevant interest in 19.86 percent of the Bulletproof shares on issue have written to Bulletproof and advised that their current intention is that they will not accept the offer, subject to a superior proposal," the board said on Friday. "As a result of the position of these major shareholders, the offer is unlikely to succeed on its current terms."