AUCyber Tells Shareholders to Take no Action on 5G Networks Takeover Bid

MT Newswires Live

2024-12-27

AUCyber (ASX: CYB) board has recommended that shareholders take no action regarding 5G Networks' unsolicited AU$0.11 per share takeover offer bid, according to a Tuesday filing with the Australian bourse.

The company also told its shareholders that it is working through the due diligence requirements of a competing and conditional AU$0.14 per share takeover proposal by Brennan, the filing said.

The competing offer represents a 28% premium to the company's five-day volume-weighted average price as of December 19, the filing added.

Latimer Partners is the financial adviser, and Baker McKenzie is the legal adviser for the takeover defense.

Shares of the company fell past 3% at market close.

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