Macquarie Telecom bids $17.9m for Bulletproof

Macquarie Telecom has submitted an offer to acquire cloud services business Bulletproof for $17.9 million.

Macquarie’s cloud services subsidiary Macquarie Cloud Services has made an off-market bid for all the ordinary shares in Bulletproof for $0.11 per share.

The purchase price represents a 64.2% premium on the closing price of Bulletproof shares on Friday and a 57.1% premium on the one-month average trading price of AU$0.07.

Macquarie already owns around 16.11% of Bulletproof shares through a call option with an entity associated with Bulletproof’s founder and CEO Anthony Woodward.

The company’s offer will be contingent on at least 90% acceptances as well as there being no material adverse change in Bulletproof’s business conditions, financial prospects or assets, among other conditions.

“Bulletproof is a longstanding business with a talented and experienced team. There is a strong strategic fit with Macquarie,” Macquarie CEO David Tudehope said.

“The combination will enable Macquarie and Bulletproof customers to access a full set of cloud options of co-location, private cloud and public cloud. We believe it is in the interests of Bulletproof shareholders to accept the Macquarie Offer.”

Image credit: ©stock.adobe.com/au/T. L. Furrer