Peter Ward (MOQ CEO)
The overwhelming majority of MOQ’s shareholders have voted in favour of Brennan’s acquisition of the publicly listed IT services provider, taking the deal to its next stage.
At a shareholder’s meeting on 4 November, 99.69 per cent of MOQ shareholders who voted were in favour of the deal that would see Brennan acquire 100 per cent of the provider’s shares.
When the Federal Court of Australia approved MOQ to hold the shareholder meeting back in late September, MOQ said its board of directors recommended shareholders vote in favour of the deal in the absence of a superior proposal. At the time of the previous announcement, the board held 34.1 per cent of all issued shares.
After the vote, MOQ will have to go through a hearing at the Federal Court, which is to take place on 8 November. If successful, the deal is expected to be implemented on 18 November.
The vote comes months after a bidding war between Sydney-based IT services provider Atturra and Brennan.
The bidding war started when Atturra put in a bid to fully acquire MOQ for $15 million on 30 June in a move that was seen at the time as having the potential to create "one of Australia’s largest IT services businesses". Atturra made a revised offer on 5 August, increasing it by 20 per cent to $0.06, pushing the deal price to $18.6 million.
Brennan stepped up its bidding game offering $0.066 cash per share, valuing the business at about $20.5 million on 8 August. Atturra fired back, stepping its bid up to $0.070 per share, approximately $21.7 million, on 11 August.
However, Atturra finally bowed out of the race on 16 August, leaving Brennan in the clear to pursue the acquisition.
MOQ’s revenue for FY22 rose 18 per cent to $81.9 million during the 12-month period to 30 June, while net profit after tax was $6.4 million in the red.
