Superloop Limited received a conditional, unsolicited, and incomplete indicative and non-binding proposal from Aussie Broadband Limited to acquire all Superloop shares via a scheme of arrangement.
Under the proposal, Superloop shareholders would receive 0.21 ABB shares for each Superloop share held, valuing Superloop shares at $0.95 based on ABB's closing price as at 23 February 2024.
The proposal's completion is subject to confirmatory due diligence, entering into a mutually acceptable Scheme Implementation Deed, and a statement from Superloop intending to recommend the proposal if presented in a binding form.
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.
Superloop announced strong financial performance for 1H FY24, with record organic revenue and net new customer growth, as part of its three-year 'Double Down' strategy to double revenue and expand margins.
Superloop, founded in 2014 and listed on the ASX in 2015, aims to enable better internet for Australian homes and businesses, offering connectivity and services across consumer, business, and wholesale market segments.
Superloop is advised by Luminis Partners and Barrenjoeys as financial advisers and Baker McKenzie as legal adviser.
This announcement is a summary of the company approved ASX announcement on 26/2/2024.