TASK shareholders can choose to receive either 100% cash consideration at A$0.81 per share or a mix of cash and PAR shares.

The proposal includes a members’ scheme of arrangement for A$0.275 in cash per Genex Share and an alternative off-market takeover bid for A$0.270 in cash per Genex Share.

Superloop's Board, with advice from financial and legal advisers, considers the proposal opportunistic and undervaluing the company, deciding not to engage with ABB on the proposal.

Aussie Broadband Limited (ABB) has proposed a non-binding indicative proposal to merge with Superloop, aiming to own 100% of Superloop's issued share capital through a scheme of arrangement.

The acquisition aims to accelerate Open Banking and data-driven solutions.