360 Capital’s offer for Asia Pacific Data Centre NOW directors’ favourite over NextDC
“Your Directors intend to accept the 360 Capital Offer for all the APDC Securities they own or control,” APDC’s chairman tells investors.
“The Directors of Asia Pacific Data Centre Group (APDC) unanimously recommend that you ACCEPT the 360 Capital Offer in the absence of a superior proposal.”
Those were the words – inclusive the capital one – that APDC used to tell investors about its backing of 360 Capital’s A$1.95 per share bid for the company’s securities.
Prior to backing 360’s offer, APDC’s directors originally backed NextDC’s A$1.87 per security. That offer lapsed on September 15, as announced here. NextDC still owns 29.2% of APDC.
360 Capital’s offer price of A$1.95 for each APDC Security (Offer Price) represents a premium of 18.2% to APDC’s net tangible assets (NTA) as at 30 June 2017, and a premium of 4.28% to offer price of A$1.87 cash per APDC Security which was offered under the NextDC
In a letter to investors, APDC’s chairman Ian Fraser, said: “Your Directors intend to accept the 360 Capital Offer for all the APDC Securities they own or control in the absence of a superior proposal.
“The 360 Capital Offer is currently scheduled to close at 7.00pm (Sydney time) 6 November 2017, unless further extended.
“Your Board will continue to keep you informed should a superior proposal be announced.”