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BigAir moves in on Clever buy

BigAir moves in on Clever buy

The ISP has now achieved 93.33 per cent interest in Clever's shares and will move compulsorily acquire the wireless broadband carrier

ASX-listed ISP BigAir has achieved a 93.33 per cent interest of Clever Communications’ shares.

The wireless broadband carrier accepted BigAir’s takeover bid in December.

BigAir will now proceed to compulsorily acquire all Clever shares that it had not yet acquired under the offer.

At the time, it offered shareholders $0.35 for BigAir shares plus $1.82 in cash for every Clever share, which evaluated the company at about $9.5 million. Shareholders still have until February 4 to accept the bid.

Clever CEO, Scott Cater, previously said both companies had been in acquisition discussions for the past two years. In 2008, Clever made a bid to buy BigAir, but directors opposed the move at the time.

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Tags Clever CommunicationsbigairMergers and acquisitions

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