Ansarada's Acquisition by Datasite Moves Forward with ACCC Clearance
AND (AND) Share Update July 2024 Tuesday 23rd
Ansarada Receives ACCC Clearance for Proposed Acquisition by Datasite
Ansarada Group Limited (ASX:AND) has announced that the Australian Competition and Consumer Commission (ACCC) will not oppose its proposed acquisition by Datasite, a significant step forward in the acquisition process.
Instant Summary:
- ACCC confirms it will not oppose the acquisition.
- The acquisition is still subject to other conditions, including FIRB approval.
- Ansarada shareholders and the Supreme Court of New South Wales must also approve the acquisition.
- Ansarada and Datasite are reviewing the current Scheme timetable.
ACCC Clearance
On 24 July 2024, Ansarada Group Limited (ASX:AND) announced that the Australian Competition and Consumer Commission (ACCC) has confirmed it will not oppose the proposed acquisition by DS Answer Pty Ltd (Datasite). This acquisition involves Datasite, owned by funds managed by CapVest, acquiring 100% of the shares in Ansarada through a scheme of arrangement.
The ACCC's decision is a crucial milestone in the acquisition process, but the implementation of the Scheme remains subject to other conditions. These include approval from the Foreign Investment Review Board (FIRB), which Ansarada expects to receive shortly, as well as requisite approvals from Ansarada shareholders and the Supreme Court of New South Wales.
Next Steps
Ansarada and Datasite are currently reviewing the Scheme timetable and will notify shareholders of any changes. Shareholders are encouraged to stay informed about the process and are provided with resources for further information.
Further Information
For those seeking more details or having questions regarding the Scheme, the Carve-Out Transaction, or the Explanatory Booklet, Ansarada has provided a dedicated website and a shareholder information line. Shareholders can visit https://boardroomlimited.com.au/agm/andgmscheme24 or contact the Ansarada Shareholder Information Line at 1300 068 177 (within Australia) or +61 2 8023 5416 (outside Australia) during business hours.
The ACCC's clearance is a positive development for Ansarada, as it removes a significant regulatory hurdle in the acquisition process. This news is likely to boost investor confidence in the short term. However, the acquisition still requires FIRB approval and the consent of shareholders and the Supreme Court of New South Wales. The final outcome will depend on these approvals, and investors should monitor the situation closely.
Investor Reaction:
Initial reactions from investors and analysts have been positive, with many viewing the ACCC clearance as a critical step forward. 'The ACCC's decision is a major milestone and significantly de-risks the transaction,' commented one analyst. However, some caution remains as the acquisition still requires further approvals.
Conclusion:
Investors should keep a close eye on the upcoming approvals from FIRB, Ansarada shareholders, and the Supreme Court of New South Wales. The successful completion of these steps will be crucial for the finalization of the acquisition. Staying informed and prepared for potential changes in the Scheme timetable will be essential for making well-informed investment decisions.