NEXTDC Ltd. has completed sending its bidder statement relating to its off-market takeover bid for all the Asia Pacific Data Centre ordinary stapled securities that it does not already own.
NEXTDC put forward an unconditional, all-cash offer to acquire the securities at A$1.87 apiece. The price, according to a company release, represents a 19.5% premium to the A$1.565 closing price of the APDC securities May 1, a day before 360 Capital Group announced its purchase of a 19.8% stake in APDC; a 16.5% premium to APDC's pro forma net tangible assets per APDC security as at June-end; and a 1.6% premium to the A$1.84 closing price of APDC securities on July 28, the last trading day before the date of the original bidder's statement. The offer price is also higher than any closing price of the securities since listing on the Australian Stock Exchange on Jan. 9, 2013.
The consideration would be payable within seven business days after the date that NEXTDC receives security holder acceptance. Holders on record as of June 30 will still receive the distribution of 2.43 cents per security that is payable Aug. 24.
If acceptances come in for all of the securities, NEXTDC will pay a total of A$172 million. NEXTDC plans to fund the purchase with its available term deposit reserves and internal cash, which exceeded A$300 million as at the date of the bidder statement. The offer will close Sept. 15 at 7 p.m. Sydney time, unless extended or withdrawn.
NEXTDC has a 19.99% stake in APDC and is the sole tenant of all of its data centers.
As of Aug. 11, US$1 was equivalent to A$1.27.