Optus moves to compulsorily acquire Alphawest

Stuart Corner
Thursday, 27 October 2005 17:03

IT Industry - Deals

Optus says it has received sufficient acceptances under its takeover offer for Alphawest to take its relevant interest to more than 90 percent and it intends to proceed with the compulsory acquisition of the remaining Alphawest shares.

An Optus spokesperson said: "The completion of this transaction will add significant scale to both Optus and Alphawest and provide a strong platform for growth."

Optus is paying 68 cents per Alphawest share - representing a 13 per cent premium to the Alphawest closing share price before Optus announced its offer. This values the company at $26 million.