Macquarie Telecom has lodged an application with the federal Takeovers Panel to push Bulletproof to reverse its stance on the proposed $18 million acquisition.
MacTel in November offered to acquire Bulletproof for 11 cents per share, representing a 65 percent premium on the hosting provider's most recent closing price of 6.7 cents.
Bulletproof went public via a reverse takeover in 2014 and reached a share price high of 53c in early 2016, before a continued fall in value.
After appointing an independent review committee to assess the deal, Bulletproof’s board declared the offer to be “opportunistic”, saying it didn’t represent the true value of the company given it was based on a historic low point.
MacTel’s application asks the Takeovers Panel to force Bulletproof to submit a replacement target statement that addresses the deficiencies of the first statement, labelling the independent expert’s report to be “misleading and deceptive.”
Bulletproof’s largest shareholder, chief executive Anthony Woodward, has already given MacTel the option to buy his 16 percent stake on the condition that at least 90 percent of shareholders approve the takeover.
Both Bulletproof’s second- and its third-largest shareholders advised they would not support the deal. Combined, the two shareholders own roughly 20 percent of the company.
MacTel’s offer has been extended to 30 March to account for the dispute.
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