Vonex Challenges Swoop’s Takeover Bid Amid MaxoTel Offer

Swoop Holdings Limited (AU:SWP) has released an update.

Vonex Limited has expressed concerns over Swoop Holdings’ takeover bid, citing an inability to meet the required 50.1% share acquisition condition due to MaxoTel’s substantial shareholding. The Vonex Board continues to recommend its shareholders accept MaxoTel’s all-cash offer, which already holds 47.18% of Vonex shares, creating a hurdle for Swoop’s proposal. With MaxoTel and Vonex Board collectively controlling over 51.7% of shares, Vonex seeks further clarification from Swoop to provide clarity to the market.

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