Webcentral Group Limited cancelled the acquisition of 91.14% stake in Cirrus Networks Holdings Limited from a group of shareholders.
The offer period commenced on August 16, 2021, and (subject to extension or withdrawal) will end on September 16, 2021. Cornwall Stodart acted as legal advisor and BW Equities Pty Ltd. acted as financial advisor to Webcentral Group Limited. Link Market Services Limited acted as registrar to Webcentral Group Limited. Azure Capital acted as financial advisor for Cirrus and Oliver Carrick of HWL Ebsworth Lawyers acted as legal advisor to Cirrus. BDO Audit (WA) Pty Ltd acted as accountant and Automic Pty Ltd. acted as registrar to Cirrus. Lonergan Edwards & Associates Limited appointed as independent expert to the Board of Cirrus.
Webcentral Group Limited (ASX:WCG) cancelled the acquisition of remaining 91.14% stake in Cirrus Networks Holdings Limited (ASX:CNW) from a group of shareholders on August 2, 2021. The board of Cirrus unanimously recommends that Cirrus shareholders reject the Webcentral Offer as offer represents an inadequate control premium, Webcentral is offering enough benefits, by accepting the offer shareholders will not benefit from Cirrus' future growth and other reasons. As of August 13, 2021, Webcentral reported that in the circumstance where it acquires a Relevant Interest of above 90% of CNW Shares, that it will review, and possibly replace, all or some of the current CNW directors and will seek representation amongst the existing CNW board so that the Bidder's nominees are commensurate with the Bidder's shareholding in CNW. Webcentral's takeover bid formally commenced on August 16, 2021 and is scheduled to close on September 16, 2021. As on September 3, 2021, Cirrus is scheduled to hold an extraordinary general meeting of its shareholders on October 15, 2021 at Webcentral's requisition. Cirrus Board unanimously recommends that shareholders vote against the board spill resolutions and reaffirms its unanimous recommendation that shareholders reject Webcentral's takeover offer.