Vonex takeover offer announcement

Vonex (ASX:VN8) has received an off-market takeover offer from Swoop Holdings Limited, through its subsidiary Swoop Telecommunications Pty Ltd. Swoop aims to acquire all remaining ordinary shares of Vonex it does not own. The offer includes exchanging 1 Swoop share for every 4 Vonex shares, valuing Vonex shares at 5 cents each.

Takeover offer summary and future outlook

Swoop Holdings Limited has launched an off-market takeover bid to acquire the remaining shares of Vonex, enhancing its market presence and operational synergies. The offer, providing a 14% premium over Vonex's current MaxoTel cash offer and a 178% premium over its previous closing price, aims to create a stronger combined entity. Expected synergies could boost EBITDA by over $5 million annually, with projected pro forma revenue of $137 million for FY24. Swoop's takeover bid, supported by its lender, remains consistent with initial terms. The acquisition seeks to bolster Swoop's position as a leading challenger in Australia's telecommunications sector, promising a larger-scale business and attractive investment opportunity.

Executive insights on the takeover offer

The offer represents a 14% premium over the current MaxoTel cash offer and a 178% premium over Vonex's closing price before the MaxoTel scheme announcement. This proposal aims to create a larger and more attractive entity with significant synergies and improved market presence.