Amcom wins date with destiny
D-day for the long-winded $1.3 billion tie-up between Vocus Communications and Amcom is set, after the Federal Court approved a date for a meeting for the shareholder vote.
The Perth tech company announced yesterday a scheme meeting would be held on Monday June 15, with proxy votes due on Friday June 12.
The scheme meeting was pushed back a second time when Vocus took the extraordinary move of offloading its 10 per cent stake in Amcom earlier this month in a last-ditch attempt to get the merger over the line. The move was forced after rival TPG bought a 19.9 per cent blocking stake.
The merger now needs about 75 per cent — which is still considered an abnormally high number — of shareholders to vote in favour.
Investment group Perpetual, understood to be a supporter of the scheme, has been confirmed as one of the buyers of Vocus’ stake, taking about $35 million of the $55.9 million 10 per cent holding.
Sources say the vote is still too close to call, with the other new holders understood to also be supporters of the merger.
Amcom last night said the independent expert still recommended the merger.
Amcom shares finished up 5¢ at $2.45 and Vocus closed down 3¢ at $5.87. TPG was steady at $9.09.
