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Clever and BigAir takeover war flares again

Clever and BigAir takeover war flares again

Clever extends the closing date of its takeover bid to BigAir shareholders to December 24, as BigAir continues to advise shareholders to ignore the offer

A new skirmish has flared between BigAir and Clever

A new skirmish has flared between BigAir and Clever

A new skirmish in the takeover war between ASX-listed telcos, BigAir (ASX: BGL) and Clever (ASX: CVA), has flared with Clever delaying the close of its offer to BigAir shareholders until December 24.

Clever managing director, Scott Carter, said its board considered the takeover bid an "active process" and would continue to reassess the deadline for accepting offers.

"There's not a minimum acceptance for the offer, and whilst the offer is still open there's no decisions on what to do next," Carter said. "There are a number of possible scenarios, depending on the number of people who take up the offer by its close."

Two months ago the companies traded blows after Clever launched a takeover bid, which BigAir directors strongly advised shareholders to ignore.

Clever subsequently claimed to have received acceptance from people holding 14 per cent of BigAir shares.

BigAir fired back with a claim this equated to just 3 per cent of registered shareholders, and reiterated that the BigAir directors, who own 37 per cent would not be taking up the offer.

In the latest release to the ASX, BigAir claimed its shares are worth more than Clever's, the company is more profitable, and rebuked Clever's claims that closure of the iBurst network would impact on BigAir earnings.

Carter said Clever was experiencing a strong demand for its services, and has achieved a net profit for the first quarter of 2009.

BigAir has not responded to requests for comment.


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