Home Business Telecommunications Macquarie $18m bid to mop up remaining shares in Bulletproof

Macquarie $18m bid to mop up remaining shares in Bulletproof

The Macquarie Telecom Group has launched an $18 million bid to buy outright the cloud services business Bulletproof which would give it 83.89% of Bulletproof shares that it does not currently own.

Macquarie has announced its intention to make an off-market bid through its wholly-owned subsidiary Macquarie Cloud Services to acquire all of the ordinary shares in the Bulletproof Group.

The offer price of A$0.11 per share values Bulletproof’s share capital at approximately A$17.9 million, and represents a 64.2% premium to the closing price of Bulletproof shares on 17 November 2017 of A$0.067 and a 57.1% premium to the 1-month VWAP of Bulletproof shares of A$0.07.

Macquarie currently has a relevant interest in 26,188,349 Bulletproof Shares representing 16.11% of the issued capital, via a Call Option Deed with an entity associated with Anthony Woodward, chief executive and co-founder of Bulletproof.

Announcing the bid on Wednesday, Macquarie chief executive David Tudehope said 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. Bulletproof has experienced a deterioration of earnings over the last 18 months”.

“Bulletproof is a long-standing business with a talented and experienced team. There is a strong strategic fit with Macquarie. The combination will enable Macquarie and Bulletproof customers to access a full set of cloud options of colocation, private cloud and public cloud. We believe it is in the interests of Bulletproof shareholders to accept the Macquarie offer."

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).