The Bulletproof Independent Board Committee has agreed to open a "data room" in order to facilitate due diligence reviews by parties considering making alternative offers to the one from Macquarie Telecom (ASX:MAQ).
On 13 December, Bulletproof (ASX:BPF) announced its intention to opening a data room. The committee then agreed to make it available to “a number of parties who have expressed interest in making alternative offers”.
The independent committee also said that it is committed to act in the best interests of all shareholders and will make further announcements regarding alternative offers as appropriate.
The board insisted shareholders should wait and not take any action as to Macquarie’s offer as there is more than a month until the offer closes on 31 January.
“There will be ample time after the release of the target’s Statement for shareholders to determine a course of actions,” the announcement read.
On 21 November, Macquarie telecom, through its subsidiary, Macquarie Cloud Services, made a bid to acquire cloud solutions provider, Bulletproof for $17.9 million.
"The proposal to purchase all of Bulletproof’s shares for cash is clearly compelling and offers a significant premium to the recent share price performance," Macquarie chief executive, David Tudehope, said at the time. "Bulletproof has experienced a deterioration of earnings over the last 18 months."
However, Bulletproof had established an independent sub-committee of the board, due to Macquarie Cloud Services' pre-existing holding of a "relevant" interest in 16.47 per cent of voting shares in Bulletproof through an entity affiliated with Bulletproof's CEO, Anthony Woodward.
Bulletproof closed the 2017 financial year with a four per cent growth in revenue, compared to the same period last year, posting a total of $49.2 million. The company has gone through several changes throughout the year in order to restructure the business.
In February, it announced it was letting go of 30 full-time engineers, which would result in $4.5 million savings.