Atturra Limited canceled the acquisition of MOQ Limited from Peter Ward and others.
August 15, 2022
Share
Atturra Limited (ASX:ATA) agreed to acquire MOQ Limited (ASX:MOQ) from Peter Ward and others for AUD 15.5 million on June 30, 2022. If the Scheme is implemented, MOQ shareholders will receive total cash consideration of AUD 0.05 per MOQ share. As of August 5, 2022, Atturra Limited (ASX:ATA) revised its offer to acquire MOQ Limited (ASX:MOQ) from Peter Ward and others for AUD 18.61 million. Atturra Limited (ASX:ATA) has increased its all-cash scheme consideration from AUD 0.05 to AUD 0.06 per MOQ share. The increase is made in response to receipt of an MOQ Competing Proposal by a third-party bidder of AUD 0.06 cash per MOQ share. As of August 11, 2022, Atturra Limited (ASX:ATA) revised its offer to acquire MOQ Limited (ASX:MOQ) from Peter Ward and others for AUD 21.7 million. Atturra Limited (ASX:ATA) has increased its all-cash scheme consideration from AUD 0.06 to AUD 0.07 per MOQ share comprising AUD 0.055 in cash and AUD 0.015 in Atturra Limited shares. The increase is made in response to receipt of an MOQ Competing Proposal by a third-party bidder of AUD 0.066 cash per MOQ share.
As of August 8, 2022, MOQ Board has determined a competing proposal from a third party for the acquisition of 100% of the shares in MOQ by way of scheme of arrangement for AUD 0.066 cash per share to be a Superior Proposal.
The MOQ Directors unanimously recommend that MOQ shareholders vote in favor of the Scheme. The implementation of the Scheme is subject to a number of customary conditions, including the approval by MOQ shareholders, court approval of the Scheme and ASIC and other regulatory approvals. and the Federal Court of Australia, and is not subject to financing or due diligence conditions. In case the Scheme is not implemented, Atturra will pay reimbursement fee of AUD 0.25 million to MOQ and vice versa. As of August 5, 2022, the reimbursement fee has been reduced from AUD 0.25 million to AUD 0.19 million. The transaction is expected to close on October 17, 2022. ANZ Corporate Advisory is acting as financial and corporate adviser and HWL Ebsworth is acting as legal adviser to Atturra. Monash Advisory is acting as financial adviser and Thomson Geer is acting as legal adviser to MOQ.
Atturra Limited (ASX:ATA) canceled the acquisition of MOQ Limited (ASX:MOQ) from Peter Ward and others on August 16, 2022.
Atturra Limited is an Australia-based advisory and technology solutions provider. The Company is engaged in the technology business, providing a range of enterprise advisory, consulting, information technology (IT) services and solutions with a focus on local government, utilities, education, defense, federal government, financial services, and manufacturing industries. Its advisory and consulting capabilities across three areas include strategy and preparation, design and implementation, and realization and improvement. Its business applications capabilities include enterprise resource planning, process optimization for local government, payroll systems consulting, safety solutions, and others. Its data and integration capabilities include intelligent integration and automation, enterprise data management, advanced analytics, middleware modernization, and others. Its managed services include cloud and infrastructure, modern workplace, enterprise network services, and others.