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360 Capital's bid gets Asia Pacific Data Centre board's unanimous backing

360 Capital Group's A$1.95-per-security bid secured the unanimous approval of Asia Pacific Data Centre's board, in the absence of a superior proposal.

The unconditional, all-cash and fully funded offer was revised in September in a bid to top NEXTDC Ltd.'s A$1.87-per-security offer, which lapsed Sept. 15.

The amended bid represents a 24.6% premium to the roughly A$1.57 price of Asia Pacific Data Centre's securities as of the May 1 market close, an 18.2% premium to the per-security value of the target's net tangible assets as of June 30 and a 4.3% premium to NEXTDC's offer.

In a news release, 360 Capital urged the target's security holders to accept its offer that is closing Nov. 6, at 7 p.m. Sydney time, as soon as possible. The bidder said payments for the securities tendered for acceptance will be distributed within seven business days after receipt of acceptance.