Wireless broadband provider, Clever Communications (ASX:CVA) has lifted all conditions from its bid for rival player, BigAir (ASX:BGL), to help persuade remaining shareholders to accept the offer.
Clever’s bid, which was initially lodged in September, closes on December 24. At this time, all BigAir shareholders who have accepted will receive Clever shares. Clever claims to be BigAir’s largest individual shareholder with 13.51 per cent voting power. However, BigAir’s board, which holds 37 per cent, continues to oppose the bid.
“We still have the same commitment around the bid – by removing the conditions, we have paved the way for all shareholders to come across to a situation where they will be better off,” Clever managing director, Scott Carter, said. “We believe it’s in the shareholders’ interest to bring the two organisations together – it will give them combined profits and give us increased market capitalisation and liquidity in stocks. We’re a stronger organisation together.”
In November, Clever delayed the close of its offer to December 24. Carter wouldn’t be drawn on what would happen should it not gain a majority stake by the deadline, but said the board would be monitoring the situation.
“We now have a vested interest to ensure BigAir provides the return that shareholders are looking for,” Carter said.