The Macquarie Telecom Group has launched an $18 million bid to buy outright the cloud services business Bulletproof which would give it 83.89 percent of Bulletproof shares that it does not currently own.
Macquarie has announced its intention to make an off-market bid through its wholly-owned subsidiary Macquarie Cloud Services Pty Ltd to acquire all of the ordinary shares in the Bulletproof Group.
The offer price of A$0.11 per share values Bulletproof’s share capital at approximately A$17.9 million, and represents a 64.2% premium to the closing price of Bulletproof shares on 17 November 2017 of A$0.067 and a 57.1% premium to the 1-month VWAP of Bulletproof shares of A$0.07.
Macquarie currently has a relevant interest in 26,188,349 Bulletproof Shares representing 16.11% of the issued capital, via a Call Option Deed with an entity associated with Anthony Woodward, CEO and co-founder of Bulletproof.
{loadposition peter}Announcing the bid on Wednesday, Macquarie CEO, David Tudehope said the proposal to purchase all of Bulletproof’s shares for cash is “clearly compelling and offers a significant premium to the recent share price performance. Bulletproof has experienced a deterioration of earnings over the last 18 months”.
“Bulletproof is a long-standing business with a talented and experienced team. There is a strong strategic fit with Macquarie. The combination will enable Macquarie and Bulletproof customers to access a full set of cloud options of colocation, private cloud and public cloud. We believe it is in the interests of Bulletproof shareholders to accept the Macquarie offer."