Atturra has increased its offer for fellow managed services provider MOQ Limited to $21.7 million to counter rival bidder Brennan IT’s $20.5 million offer from earlier this week as part of an ongoing bidding war.
ASX-listed Atturra first announced plans to acquire MOQ on 30 June for $15.5 million and included a clause in the contract that allowed it five business days to match any rival offer made before the agreement’s finalisation.
Brennan IT first offered $18.6 million last week, with Atturra matching a few days later. MOQ’s directors accepted the new price, but negotiated in a shortening of the days Atturra has to match superior proposals to only three business days.
Brennan IT followed up with a new $20.5 million on Monday, 8 August, which MOQ’s directors, who hold 34.1 percent of the MOQ shares on issue, accepted.
MOQ's announcement said shares would be worth $0.070 each if the proposal Atturra made today goes through.
Atturra said in June that the acquisition would leverage both companies’ expertise in Microsoft, and expand Atturra’s managed services offerings and customer base.
“It also provides both teams with further access to growth as there is very little client overlap,” said Atturra chief executive Stephen Kowal at the time.
“We are excited to be taking this step forward in our vision to become Australia’s largest technology company.”
“Our strategy of fully integrating acquisitions means our customers and our staff quickly get the full benefits of the merged entities.”
If successful, MOQ would be Brennan IT’s third buyout in the last 12 months, following Forsythes Technology in August 2021 and Clade Solutions in January this year.
MOQ would also be Atturra’s third this year if the deal goes their way, namely ERP specialist Kettering Professional Services for $3 million in January and Hayes Information Systems and Communications for $8.5 million in May.
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