The competition for Brisbane's ASX-listed Vonex is continuing, with Swoop now saying it has bought a 16.99 per stake in the telco and internet service provider.
In acquiring the interest, Swoop said it had spent around $2.45 million in cash, buying Vonex shares at an average price of four cents each.
Maxo Telecommunications is also working to acquire Vonex. It has offered 3.75 cents a share.
However, on September 5, Swoop introduced a competitive offer of 4 cents a share, in cash and scrip, which the telco thinks is a proposal that will create significant value for both itself and Vonex.
Holding the 16.99 per cent stake in Vonex, Swoop now says it doesn't support MaxoTel's bid, and won't vote in favour of it.
Swoop has the backing of Westpac to finance the Vonex takeover.
Vonex has itself been on the acquistion path, but two years ago announced a loss and $11.9 million debt after spending $35 million.
In July this year Swoop sold its wholesale voice business to telco Pivotel for $9 million.
This included includes three subsidiaries, Voicehub Group, Voicehub and Harbourtel.
Swoop also said the same month it had signed a deal to provide a large amount of fibre-optic infrastructure in Melbourne, worth $36 million, for an unnamed NASDAQ listed company.
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