Update on Acquisition of Business of Inabox Group
Sydney, Nov 19, 2018 AEST (ABN Newswire) - On October 8 2018, MNF announced that it had entered into an agreement to acquire the Wholesale and Enablement Business of Inabox Group (
ASX:IAB).
The Board of MNF acknowledges that on November 15 2018, Inabox Group (ASX:IAB) received a proposal for an off-market offer for the shares of IAB. This new offer in effect competes with the current offer by MNF to acquire the business assets of IAB. The IAB board has announced it will adjourn its EGM to vote on the sale of the business assets to MNF while it considers the new proposed competing offer.
MNF has analysed the current information available on the competing offer and is of the opinion that the MNF offer still provides more value to IAB shareholders. The MNF board will continue to work with the IAB board with the intention to complete our acquisition of the IAB business.
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