No longer conditional on diligence and financing. Credit: Dreamstime.com Aussie Broadband has put forward a new offer for the acquisition of Symbio, unshackling it from previously specified conditions. The revised offer is no longer conditional on diligence and financing and came through after 11 pm on 28 October and comes to a value range of an estimated $267 million to $271 million. Previously, Aussie Broadband’s offer was subject to a number of conditions including due diligence, entering into a Scheme of Implementation Deed and unanimous recommendation from the Symbio board. As such, at the time, Symbio’s board said it confirmed its intention to recommend the proposal. However, now, Symbio said in a statement to the Australian Securities Exchange that its board is considering the offer, with discussions ongoing. Additionally, the exclusivity deal with Aussie Broadband is due to expire at the end of 31 October and the provider said it does not intend to extend the exclusivity period. “There is no certainty at this stage that any agreement will be reached or that a transaction will eventuate,” Symbio stated. Specifically, the deal is priced at $2.21 to $2.261 in cash and 0.192 Aussie Broadband shares for each Symbio share. Based on Aussie Broadband's last closing price on 27 October of $3.88 per share, this implies a value range of $2.95 to $3.002 per Symbio share. With 86,010,170 shares on offer, this would result in a total of roughly $254 million to $258 million. Additionally, when considering the one-month volume-weighted average price of Aussie Broadband shares, this then implies an offer value range of $2.99 to $3.04 per share, or approximately $257 million to $261 million The range comes as shareholders have the opportunity to take the default consideration of 75 per cent cash and 25 per cent scrip or maximising either their cash or Aussie Broadband scrip, subject to scale back as appropriate. Furthermore, as per the offer, Symbio would be allowed to pay a fully franked dividend prior to the scheme implementation of up to $0.35 per ordinary share, implying a release of franking credits of up to $0.15 per share, referred to as the special dividend, with any such dividend to reduce the cash component of the offer. When aggregated with the value of franking credits of up to $0.15 per share through the special dividend, this brings the implied value range up to $3.10 to $3.15 per Symbio share, or about $267 million to $271 million. In August, Superloop made an offer to the tune of $2.85 per share, valuing the deal at about $243 million. Then, in early October, Aussie Broadband penned its initial offer for $3.15 per Symbio share. Related content news Regional NSW AI preparation lacking Deficits in infrastructure and education need to be addressed. By Sasha Karen 26 Apr 2024 4 mins Innovation Emerging Technology news IBM to acquire HashiCorp for US$6.4B in hybrid cloud, AI play Close to half of HashiCorp’s voting power, at 43 per cent, has entered into an agreement to approve the deal. By Sasha Karen 26 Apr 2024 2 mins Mergers and Acquisitions Cloud Computing Vendors and Providers news Digital hub reopens in Cremorne The hub previously operated in a “very limited capacity” and could not roll out program and hold industry events prior to the refurbishment. By Sasha Karen 24 Apr 2024 2 mins Business Operations Emerging Technology Industry news HP brings AI PCs to Australia Includes extra processing power for AI workloads. By Sasha Karen 24 Apr 2024 2 mins Emerging Technology Vendors and Providers SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe