Amaysim Australia has announced that WAM Capital has increased the consideration in respect of its takeover offer. As previously announced, WAM and Amaysim have entered into a bid implementation agreement (BIA), under which it is proposed that WAM will make an agreed off-market takeover bid for 100 percent of the shares of Amaysim. The WAM offer is subject to shareholder approval of the mobile sale to Optus and subsequent completion.
Under the updated offer, each Amaysim shareholder may elect to receive either one WAM share for every 2.675 Amaysim shares (previously 1 for 2.7), representing AUD 0.8562 of implied value per share; AUD 0.70 cash (previously AUD 0.695) per Amaysim share; or a combination of cash and scrip.
In addition, Amaysim shareholders that accept the WAM offer and elect to receive WAM shares as consideration will also be entitled to WAM’s upcoming interim dividend of AUD 0.0775 per WAM share.
The increase in the cash consideration is equal to the revised forecast distribution mid-point of AUD 0.70 under the mobile distribution. Under the mobile sale, distribution payments will be made under three tranches from April to October this year.
Amaysim board recommendation
In light of the WAM offer update and Optus’ bid, Amaysim’s board of directors announced it continues to unanimously recommend shareholders accept the WAM offer. The directors have indicated that they each intend to accept the WAM offer in respect of all shares they own or control, both in the absence of a superior proposal.
The board also continues to unanimously recommend that shareholders vote in favour of the mobile sale, distribution and delisting, in the absence of a superior proposal.
Amaysim's largest shareholder Langfrist also announced it supports the WAM offer and intends to vote in favour of all resolutions at the EGM (in each case, in the absence of a superior proposal). Langfrist holds 19.19 percent of Amaysim's issued capital.
