{"id":14940,"date":"2024-02-26T08:28:37","date_gmt":"2024-02-25T22:28:37","guid":{"rendered":"https:\/\/www.vibewire.com.au\/?p=14940"},"modified":"2024-02-26T08:28:44","modified_gmt":"2024-02-25T22:28:44","slug":"non-binding-indicative-proposal-aussie-broadband-to-merge-with-superloop","status":"publish","type":"post","link":"https:\/\/www.vibewire.com.au\/?p=14940","title":{"rendered":"Non-Binding Indicative Proposal Aussie Broadband to Merge with Superloop"},"content":{"rendered":"\n<p>Aussie Broadband Limited (ASX:ABB, ABB) announces it has submitted a non-binding<br>indicative proposal which would result in ABB owning 100% of the issued share capital in<br>Superloop (ASX:SLC, Superloop), by way of a Superloop scheme of arrangement (Indicative<br>Proposal).<br>Under the Indicative Proposal, Superloop shareholders would receive 0.21 ABB shares for<br>each Superloop share held. Based on the last closing price of ABB shares ($4.53 on 23<br>February 2024) this implies a total value to Superloop shareholders of $0.95 per share.<br>ABB believes that the Indicative Proposal will deliver a number of benefits for Superloop<br>shareholders, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Realising an attractive premium for their shares, representing a 33.2% premium to<br>the 3 month VWAP at 23 February 2024 of $0.71 for an all-scrip merger transaction;<\/li>\n\n\n\n<li>Through its ongoing shareholding in ABB, participation in the future value creation<br>of the combined business including through synergies over time; and<\/li>\n\n\n\n<li>Benefitting from improved liquidity in their shares.<br>ABB believes there is compelling strategic rationale for the merger with Superloop, which<br>will deliver:<\/li>\n\n\n\n<li>A scale player in Australia providing broadband access services exceeding 1 million<br>subscribers, with greater reach and network infrastructure, along with brands in<br>Aussie Broadband, Superloop and Exetel;<\/li>\n\n\n\n<li>A growing business segment with an enhanced product offering and end-to-end<br>capabilities to compete with the incumbents;<\/li>\n\n\n\n<li>A strong wholesale offering which is well positioned for growth through improved<br>scale and investment; and<\/li>\n\n\n\n<li>A synergy pool through removal of network cost duplication and other customary<br>cost areas.<br>The Indicative Proposal is subject to a number of conditions including:<\/li>\n\n\n\n<li>Completion of confirmatory due diligence satisfactory to ABB;<\/li>\n\n\n\n<li>The ABB and Superloop Boards enter into a Scheme Implementation Deed (SID) in<br>mutually acceptable form; and<\/li>\n\n\n\n<li>Unanimous recommendation from the Superloop Board (subject to customary<br>carve outs regarding a superior proposal and the independent expert\u2019s opinion).<br>Aussie Broadband notes there is no certainty the Indicative Proposal will result in any<br>transaction.<br>ABB has also acquired a 19.9% relevant interest in Superloop. ABB acquired the Superloop<br>shares at $0.95 in cash per share. ABB will separately release in due course a substantial<br>shareholder notice.<br>At this time, Aussie Broadband shareholders do not need to take any action in relation to<br>the Indicative Proposal. Aussie Broadband will keep the market informed in the event of any<br>material developments.<br>ENDS<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Aussie Broadband Limited (ASX:ABB, ABB) announces it has submitted a non-bindingindicative proposal which would result in ABB owning 100% of the issued share capital inSuperloop [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":14830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[5044],"tags":[472,993,4944],"class_list":["post-14940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecoms","tag-australian","tag-melbourne","tag-telecommunications"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/14940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14940"}],"version-history":[{"count":1,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/14940\/revisions"}],"predecessor-version":[{"id":14941,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/14940\/revisions\/14941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/media\/14830"}],"wp:attachment":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}