Australia's Vonex falls after takeover bidder Swoop buys stake

Vonex

11/09/2024 06:29

** Shares of telecommunications service provider Vonex
 VN8.AX  fall as much as 4.9% to A$0.039, marking their worst
day since June 25 
    ** Data and voice services provider Swoop  SWP.AX  says it
has acquired a near 17% stake in VN8 for A$2.45 mln ($1.63 mln)
    ** Swoop, which offered A$0.04 per share for acquisition of
Vonex earlier this month, is in a bidding war with Maxo
Telecommunications with an takeover offer of 3.75 Australian
cents apiece 
    ** Vonex had determined that the MaxoTel offer was superior
due to the conditionality and uncertainty around the Swoop offer
    ** Shares of Swoop down 4.4% to A$0.22 at 0520 GMT
    ** About 12.5 mln VN8 shares change hands, compared with the
30-day average volume of 2.9 mln
    ** Vonex stock has risen 51.9% YTD as of 0519 GMT 


($1 = 1.5029 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))