Brennan IT has put another offer on the table for publicly listed MOQ Limited, jumping from $0.070 cents to $0.075 cents per share, valuing the deal at $23.3 million.
In a further update on the Australian Securities Exchange, MOQ entered into a new scheme implementation deed with Brennan IT, recommending shareholders to vote in favour of the new deal in the absence of a superior proposal.
On 16 August, Atturra stated it won’t be exercising its matching right under the Scheme Implementation Deed (SID) placed on 30 June and amended on 11 August in response to the hiked up price Brennan offered.
The bidding war started to take shape when Atturra put in a bid to fully acquire MOQ for $15 million on 30 June in a move that could create "one of Australia’s largest IT services businesses".
Atturra made a revised offer on 5 August, increasing it by 20 per cent to $0.06, pushing the deal price to $18.6 million.
Brennan IT stepped up its bidding game offering $0.066 cash per share, valuing the business at about $20.5 million on 8 August.
Atturra fired back stepping its bid up to $0.070 per share, approximately $21.7 million.
This consists of $0.055 in cash and $0.015 in Atturra shares, equating to roughly $0.02226 Atturra shares per MOQ share.
“We are excited to be taking this step forward in our vision to become Australia’s largest technology company," Brennan founder and managing director Dave Stevens said on 8 August. "With over 25 years in business, our heritage as one of Australia’s largest and most successful managed services providers has recently been bolstered by two acquisitions.
"Our strategy of fully integrating acquisitions means our customers and our staff quickly get the full benefits of the merged entities."
Brennan continues to expand its transformation capabilities to match the strength in its managed offerings, if the Scheme is implemented, the MOQ acquisition will offer both complementary services and geographic expansion.