trending Market Intelligence /marketintelligence/en/news-insights/trending/YgLv20ksseYMPTHMSnrvxg2 content esgSubNav
In This List

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

Video

S&P Capital IQ Pro | Powering Your Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud


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.