MNF Group has revealed today a simplified offer for the acquisition of Inabox's indirect business in a move to get Inabox's shareholders to approve its offer over SB&G's.
On 15 November, Salter Brothers, a subsidiary of SB&G Group, made an all-cash $21.4 million offer for Inabox, ahead of a 19 November Inabox shareholder meeting due to vote on a takeover bid by MyNetFone.
In October, Inabox’s unanimously recommended its shareholders accept an MyNetFone offer that will see MNF Group acquire the company’s operating subsidiaries.
The initial MNF proposal would result in a pay between $30.3 and $33.5 million for the business units, with the wholesale business currently responsible for 500 customers.
Now, MNF is offering to pay $34.5 million in cash for the same business assets, subject to approval at an Extraordinary General Meeting (EGM) of Inabox shareholders.
"MNF has simplified its terms by making completion payment conditional only on a majority of Inabox shareholders voting in favour of the MNF transaction at Inabox’s adjourned EGM, which is scheduled to re-convene on the 7th of December 2018," MNF said in a statement on 23 November.
The total offer amount will be paid upon completion of the deal with the group having removed previously set ear-out requirements.
Of the $34.5 million, $500,000 will be placed in escrow, which is expected to be released in full before the end of December.
"The Inabox board believes the improved MNF transaction provides shareholders with greater certainty and a higher return than the SB&G Offer," the company told shareholders.
"The Inabox board unanimously recommends shareholders vote in favour of the improved MNF transaction in the absence of a superior proposal, and take no action in respect to the proposed SB&G offer when it is made."