Telecommunications company, Vocus Communications (ASX:VOC), has sold its entire 10 per cent stake in rival company, Amcom Telecommunications (ASX:AMM). It was listed on the ASX that Vocus has divested its interest in 26,639,915 ordinary shares in the company, signifying a last push to get its merger deal through.
This announcement follows TPG’s disruption of Vocus’ proposed $635 million acquisition of the Perth-based telco. TPG (ASX:TPM) recently increased its holding in Amcom to about 18.6 per cent (subsequently increased to 19.99 per cent) in a bid to vote against the buyout, even though it had no intention to offer a counter proposal.
Vocus said, in a statement, that it remains fully committed to pursuing the previously announced scheme of arrangement under which Vocus would acquire all of the shares in Amcom"), an outcome that Vocus strongly believes is in the best interests of all Amcom and Vocus shareholders.
Vocus CEO, James Spenceley, said the scheme continues to receive extremely broad support from both retail and institutional investors.
“The only publicly stated opposition comes from TPG which we believe to be acting in its sole commercial interest, to the detriment of the majority of Amcom shareholders. Selling our interest in Amcom to shareholders eligible to vote on the merger will provide the market the best opportunity to determine the outcome of the Scheme,” he claimed.
Vocus has acknowledged that divesting its interest in Amcom will require supplementary disclosure to Amcom shareholders, which will cause delays to the scheme timetable as previously announced to the market.
Vocus has agreed to extend the Scheme end date (as defined in the Scheme Implementation Agreement dated December 17, 2014) to a date after June 30. Amcom shareholders who are registered on the Amcom share register as at the record date for the scheme are eligible to vote on it.