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Construction needs cloud flexibility
Australia’s embattled construction sector could benefit from cloud based information systems that can be switched on and off in lockstep with individual projects – with the exception of those organisations based in remote areas like the Kimberleys.
read moreDéjà vu: fixed wireless operators BigAir and Clever Comms to merge
Stuart Corner
Monday, 22 November 2010 09:47
Two years after fixed broadband wireless network operator, Clever Communications (ASX: CVA) launched a hostile and ultimately unsuccessful takeover bid for rival operator BigAir (ASX: BGL), The Clever board has welcomed an off-market takeover offer from BigAir.
BigAir proposes to acquire all of the shares in Clever that it does not already own at an offer price of 0.35 BigAir shares plus 1.82 cents cash for each Clever share. The bid values each Clever shares at approximately 8.3 cents based on the volume weighted average price of BigAir shares during the 30 trading days to19 November 2010 and represents an 18 percent premium over the recent market price of Clever shares. It represents a premium of 25 percent based on the closing price of BigAir shares on 18 November 2010, being the last date that BigAir traded.
Clever held its AGM this morning, 22 November and chairman David Williams told shareholders: "In 2008 we made a takeover offer for BigAir that did not get the support of BigAir shareholders. In subsequent discussions between us we were not able to agree relative valuations, so we got on with running our business, selling off the off-net business for $5m and paying a four cent capital return in July 2010. However, recently we have reengaged with BigAir."
(BigAir rejected the offer in October 2008 saying: "The negligible share premium, no cash payment, and the volatile performance and illiquid trading of CVA shares represents highly uncertain value that may not be realisable by accepting BGL shareholder.")
BigAir chairman, Paul Tyler, said of today's offer: "The merger of two of the largest dedicated fixed wireless network operators in Australia is expected to create significant cost, revenue and capital expenditure synergies. The customers of both companies will benefit from the expanded network coverage and also the combined engineering and commercial strengths of the two organisations.
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