Nearly every single Over The Wire (ASX: OTW) shareholder has voted in favour of the proposed acquisition of the company by telco Aussie Broadband (ASX: ABB) at a scheme meeting today.
While the deal still requires Federal Court approval, with 99.99 per cent of votes cast in favour of the deal worth $344 million it is likely the scheme will become effective on 4 March 2022.
The takeover will see shareholders receive $5.75 per share held in cash, 1.15 ABB shares, or a combination of the two, and gives OTW an implied enterprise value of $390.4 million - more than $50 million more than the company’s current market capitalisation.
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