AC3’s $25 million acquisition of Bulletproof

HWL Ebsworth is advising cloud specialist, AC3, an Australian owned IT services company, on the buyout of listed company Bulletproof (ASX:BPF). The offer of 15.2 cents per share and is via Scheme of Arrangement, subject to Bulletproof shareholder and court approvals.

AC3’s offer is 38 per cent higher than rival bidder Macquarie Cloud Services who offered a $17.9 million on 21 November 2017. Bulletproof’s independent board rejected Macquarie’s offer stating that it was not reflective of the company’s true value and recommended investors support AC3’s offer.

Brendon Noney (Partner, Sydney) is the lead legal advisor on the deal supported by Pamela Pinczuk (Senior Associate, Sydney), Jessica Tanna (Solicitor, Sydney), and Amos Goh (Solicitor, Sydney).

Involved fees earner: Brendon Noney – HWL Ebsworth;

Law Firms: HWL Ebsworth;

Clients: AC3;

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Author: Michael Patrini