BigAir starts compulsory acquisition of Clever

BigAir (ASX:BGL) has revealed it has commenced the compulsory acquisition of fellow fixed wireless broadband operator Clever Communications (ASX:CVA).

BigAir reached the 90 per cent shareholding threshold on 7 January, and as on Monday had a 93.3 per cent stake in Clever.

Hold-outs will have one month to apply for a court order that their Clever shares not be acquired, or be compelled to accept the offer for $0.0182 in cash and 0.35 BigAir shares.

The company commenced its off-market takeover on 23 December.

BigAir operates Australia's largest fixed wireless broadband market, with coverage in Sydney, Melbourne, Brisbane, Perth, Adelaide and Newcastle. It concentrates on the business market.

Earlier this year, BigAir arranged to acquire outsourced managed internet service provider AccessPlus. And in July last year, the company snapped up Star-Tech Communications in a $550,000 all-stock deal.

BGL shares ended Tuesday's trading unchanged at $0.200.


Copyright © 2011 IDG Communications, Inc.

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