Vonex Limited (AU:VN8) has released an update.
Swoop Holdings Limited has strategically acquired a 16.99% stake in Vonex Limited at an average price of $0.04 per share, totaling around $2.45 million from its existing cash reserves. This bold move is a part of Swoop’s competing proposal to take over Vonex, offering a better deal than Maxo Telecommunications Pty Ltd’s previous offer, signaling a potential shake-up in the telecom sector. Swoop is confidently pushing forward with the acquisition, citing potential significant benefits for both companies’ shareholders and has initiated steps to secure committed funding from Westpac for the purchase.
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