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M2 Telecommunications Group Ltd Announces Acquisition Of Dodo Australia Holdings Pty Ltd And Recommended Takeover Offer For Eftel Ltd


Sunday, 17 Mar 2013 06:59pm EDT 

M2 Telecommunications Group Ltd announced that it has entered into a binding Share Sale Agreement to acquire 100% of Dodo Australia Holdings Pty Ltd and its related bodies corporate (Dodo). M2 also announced that it has signed a Bid Implementation Agreement (BIA) with Eftel Ltd whereby M2 will make a recommended off-market takeover offer for all of the issued shares in Eftel (Offer) (together, the Acquisitions). M2 has entered into a binding Share Sale Agreement to acquire 100% of Dodo for a combination of cash and scrip consideration, valuing Dodo at $203.9 million, on a debt-free and cash-free basis. The transaction is expected to complete in early May 2013. The acquisition of Dodo is not conditional on completion of the Eftel Offer. M2 has entered into a Bid Implementation Agreement with Eftel whereby M2 will make a recommended off-market takeover offer for all of the issued shares in Eftel. Under the terms of the Offer, Eftel shareholders may elect to receive either of the following forms of consideration: (a) one share in M2 for every 12.34 Eftel Shares (All Shares Election); or (b) $0.3581 cash for each Eftel Share (All Cash Election). 

Company Quote

7.28
-0.12 -1.62%
8:46pm EDT