Vocus Group’s life on the ASX only has a few days to go after shareholders approved the $3.5 billion buyout of the Dodo and iPrimus owner by Macquarie and Aware Super.
Vocus investors today overwhelmingly backed the takeover with 99.84% of votes cast in favour of the scheme merger.
The scheme goes to the NSW Supreme Court on Thursday for final approval.
Vocus shareholders will receive $5.50 cash for each share held on the applicable record date, which is expected to be July 2 at 7pm AEST.
Working through a jointly-owned company called Voyager, Macquarie and Aware Super made their approach for Vocus back in March, locking in a $5.50-per-share offer.
“Over the past three years, Vocus has executed an ambitious turnaround strategy that radically simplified our business, our networks, and our technology platforms to reduce costs, expand our reach, and provide better services for our customers,” Vocus chairman Bob Mansfield said in a statement to the ASX.
“Today’s vote is a vindication of that strategy, and recognises the contribution of every Vocus employee towards the successful execution of the company’s turnaround.
“This outcome is in the best interests of all shareholders and ideally positions Vocus as it embarks in a new stage of investment”.
You can bet that both buyers will be telling us that Vocus is a great buy when they try to refloat it in a couple of years’ time.
