AC3 makes bid for Bulletproof

Bulletproof has confirmed that “a number of parties” have indicated an interest in acquiring the ASX-listed cloud services firm.

In an ASX statement Bulletproof said that all of the offers the company has received since opening a formal due diligence process in December are higher than the offer made by Macquarie Cloud Services, a subsidiary of Macquarie Telecom.

Macquarie in November announced that it was seeking to acquire Bulletproof, offering $0.11 per share for the voting shares that it doesn’t already hold in an off-market takeover bid.

Bulletproof has described the MacTel offer as opportunistic and reflecting “an historical low point in the price of Bulletproof shares”.

Its board has argued that the offer does not reflect the Bulletproof’s strategic value and “does not reflect the potential profitability and value of Bulletproof following its recent restructuring and turnaround”.

Bulletproof said today that the most promising offer it has received is from AC3.

(The New South Wales government in 2013 revealed that it had sold its shares in AC3 to Kilkon Solutions.)

AC3 has made a cash offer of $0.152 per share, Bulletproof said.

Bulletproof said that its independent board committee of directors is currently evaluating the proposals it has received, including AC3’s.

Macquarie Telecom yesterday announced that it lodged an application with the Takeovers Panel in response to a target’s statement issued in December by Bulletproof.

The company argues that the statement “is misleading and/or deceptive in a number of material respects  and  as  a  whole  is  an  unbalanced  and  one-sided document  that  fails  to  provide  Bulletproof shareholders with the information they require to assess the merits” of its offer.