HWL Ebsworth advising AC3 on its $25 million acquisition of Bulletproof
HWL Ebsworth is advising cloud specialist, AC3, an Australian owned IT services company, on the buyout of listed company Bulletproof (ASX:BPF). The offer of 15.2 cents per share and is via Scheme of Arrangement, subject to Bulletproof shareholder and court approvals.
AC3’s offer is 38 per cent higher than rival bidder Macquarie Cloud Services who offered a $17.9 million on 21 November 2017. Bulletproof’s independent board rejected Macquarie’s offer stating that it was not reflective of the company’s true value and recommended investors support AC3’s offer.
Brendon Noney (Partner, Sydney) is the lead legal advisor on the deal supported by Pamela Pinczuk (Senior Associate, Sydney), Jessica Tanna (Solicitor, Sydney), and Amos Goh (Solicitor, Sydney).
Brendon commented “It provides great satisfaction to partner with a client such as AC3 having acted for them and the shareholders since 2005 when the business was in its infancy and being there at every significant milestone supporting its growth strategy by acquisition making it the mature and dynamic business that it is today. As always, we’ve really enjoyed working with AC3 through this complex transaction. Helping them receive a very satisfactory outcome has been a great experience. We look forward to successfully completing this acquisition.”
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