Swoop lobs $18M offer at microcap telecom Vonex – in which it holds 19.9%

Swoop Holdings (ASX:SWP) has lobbed an off-market takeover offer at Vonex (ASX:VN8) with an implied price of 5cps.

Based on Thursday’s closing price, that puts the deal at $18.09M. Swoop shares closed at 19.5cps at close on Thursday; Vonex at 4.1cps.

Swoop offered one fully paid Swoop ordinary share for every 4.2 Vonex shares with the implied price a “178% premium to the closing price of Vonex shares of 1.8 cents on 24 June 2024,” and a premium of 22% to the closing price on October 17.

Swoop already owns 19.9% of Vonex; that sacred number which companies acquire right before they’re forced to make a takeover offer by law.

That holding has allowed Swoop, in its eyes, to outmanoeuvre privately held MaxoTel, which has been trying to acquire Vonex since June. After months of back and forth, Swoop has now raised its implied price to 5cps. That marks a lift from 4.2cps.

“Due to the voting power in Vonex held by Swoop and the fact MaxoTel… are not permitted to vote on the MaxoTel Scheme, the MaxoTel Scheme is unlikely to be approved at the upcoming meeting on 23 October 2024,” Swoop wrote on Friday.

Swoop management has suggested their offer allows Vonex shareholders to retain exposure to the business (via SWP). The company guided Vonex shareholders to reject the MaxoTel deal.

Swoop ultimately wants Vonex to cross-sell services across an enlarged customer base, and to “unlock significant synergies at scale.” The company didn’t explain what that actually means in its announcement on Friday.

SWP last traded at 19.5cps.

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