Vonex issues supplementary statement on takeover bid

Vonex (ASX:VN8) has released its First Supplementary Target's Statement regarding an unconditional on-market takeover bid by Maxo Telecommunications Pty Ltd (MaxoTel). The offer is valued at $0.044 per share. Vonex's directors unanimously recommend shareholders accept this offer if there is no superior proposal.

Vonex takeover bid implications and outlook

Vonex has issued a statement addressing the unconditional takeover bid from MaxoTel, offering $0.044 per share. The directors advise shareholders to accept in the absence of a better proposal. The offer provides quick cash returns and strategic advantages for MaxoTel. Despite a competing conditional offer from Swoop Holdings, Vonex's directors favor MaxoTel’s bid due to its certainty. MaxoTel aims to strengthen its market position through this acquisition, potentially gaining board control and strategic direction if it acquires a majority stake. Vonex faces significant debt, influencing the directors' recommendation for the offer, which is open until December 2, 2024. Shareholders are advised to consider tax implications and future updates from Vonex.

Vonex directors' unanimous recommendation

The directors of Vonex recommend accepting MaxoTel’s offer due to its significant premium over the pre-announcement share price and the certainty and immediacy of cash payment. They have considered Vonex’s growth prospects and believe the offer provides a fair value and an attractive opportunity for shareholders.