Aussie Broadband has agreed to buy Symbio Holdings

SYDNEY, AUSTRALIA: Aussie Broadband has agreed to buy Symbio, a cloud-based communication services provider, through a scheme of arrangement. Symbio shareholders will get $2.26 cash and 0.192 Aussie Broadband shares for each Symbio share they own, unless they choose a different option.

This values Symbio at $3.01 per share based on Aussie Broadband’s recent share price. Symbio can also pay a dividend of up to $0.35 per share to its shareholders before the deal is done, which may increase the value of the offer.

The Symbio board supports the deal and advises its shareholders to vote for it, unless a better offer comes along. The deal depends on some conditions, such as Symbio shareholder approval and an independent expert’s opinion. Symbio shareholders will get more information in a scheme booklet.

Symbio Chair, Anne Ward said: “The Scheme provides shareholders flexibility in how they elect to receive their consideration. Having undertaken diligence with two parties over the past several months, the Symbio Board has unanimously concluded that the ABB Scheme represents the strongest outcome for our shareholders in the absence of a superior proposal.”

Aussie Broadband lists on the ASX following a capital raise of $40m