Vonex board advises shareholders on acquisition offer

Vonex (ASX:VN8) has announced that its board of directors unanimously recommends shareholders accept an unconditional market offer from Maxo Telecommunications Pty Ltd (MaxoTel). The offer is set at $0.044 per share, representing a 144% premium over Vonex's last undisturbed share price. This recommendation comes in the absence of a superior proposal.

Vonex's strategic decision and future outlook

Vonex Limited's board is advising shareholders to accept MaxoTel's offer of $0.044 per share, which offers a substantial 144% premium over the previous share price. This comes after Swoop Holdings Limited's conditional off-market takeover proposal, which offered Swoop shares in exchange for Vonex shares. Vonex is currently facing significant debt, and the MaxoTel offer presents an immediate cash solution that could benefit shareholders. The directors have indicated their intentions regarding their shares, with some planning to accept the offer. The board emphasizes the risks of high debt and operational challenges if no superior proposal emerges. Shareholders are encouraged to consider the offer, with the next shareholder meeting postponed to allow time for deliberation.

Vonex board highlights rationale behind recommendation

The directors believe the offer provides fair value and an attractive opportunity for shareholders to realize immediate cash proceeds for their shares.