ARN

BigAir gives Clever takeover bid a big 'no'

Telco strongly urges shareholders to pay no attention to the Clever Communications 1 for 1 scrip offer
ASX-listed BigAir has unanimously rejected Clever Communications' takeover bid

ASX-listed BigAir has unanimously rejected Clever Communications' takeover bid

The board of ASX-listed BigAir (ASX: BGL) has unanimously rejected Clever Communications' (ASX: CVA) takeover bid, launched last week.

In a release to the ASX, the board claimed the 1 for 1 scrip offer from Clever undervalued the telco, would result in excessive dilution for BigAir shareholders, and strongly recommended shareholders ignore all communication received from Clever.

BigAir currently trades at $0.05 per share; Clever Communications trades at $0.051 per share.

The statement also claimed the recent profitability of BigAir at NPAT level and strong EBITDA growth over the last year had yet to be reflected in the BigAir share price.

BigAir directors, who collectively hold 37 per cent of total shares, will also be rejecting the offer, according to the release.

Clever has yet to release the bidder statement to BigAir shareholders. It is planned to go out next week.

A spokesperson for the telco said it was unavailable to comment on the BigAir statement until its board has met.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: BigAir
References show all

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: big air, Clever Communications
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/d-link/444_d-link-smb-june-promotion-reward-yourself
D-Link

D-Link SMB June Promotion - Reward Yourself

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.