Menu
Menu
Clever board accepts BigAir takeover offer

Clever board accepts BigAir takeover offer

Clever Communications (ASX:CVA) has confirmed that its entire board has accepted the takeover offer from fellow fixed wireless broadband operator BigAir (ASX:BGL).

Clever's directors together hold a 17% stake in the company.

The board, which have unanimously recommended shareholders accept the offer in the absence of a superior deal, said in a statement that a better proposal is neither present or expected.

BigAir made its takeover offer, for 0.35 shares and 1.82 cents cash for each Clever share, in November.

On Friday, BigAir revealed it had become a substantial shareholder in Clever with a total of 51,901 shares.

Clever owns fixed wireless networks in Melbourne, Sydney, Brisbane and Adelaide, providing services including internet, VPN and VoIP.

BigAir is a fixed WiMAX operator with coverage in Sydney, Melbourne, Brisbane, the Gold Coast, Adelaide and Perth.

The proposed merger between the two nearly went the other way. In January last year, Clever abandoned an attempt to acquire BigAir, after failing to receive enough acceptances.

CVA shares grew 3.9% in Wednesday's trading to $0.080.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Error: Please check your email address.

Tags ASX:CVAClever CommunicationsbigairWiMAASX:BGLTelecommunicationsMergers and acquisitions

More about BigAir Group

Show Comments

Market Place

Computerworld
ARN
Techworld
CMO