5G Networks (5GN) has amassed enough voting power in troubled cybersecurity vendor AUCyber to now have a controlling interest in the company, announcements to the ASX state.
AUCyber said that "5GN today [February 4] disclosed voting power in AUCyber shares of 50.71 per cent. Accordingly, control of the company has now passed to 5GN."
The board of AUCyber said that following the change of control of the company, 5GN's revised offer is now scheduled to close at 4 pm Melbourne time on February 17 and cannot be extended further.
It recommended that AUCyber shareholders accept 5GN's unconditional offer of 13.5 cents a share, valuing the company at $29.6 million.
After revealing disappointing trading performance and the resignation of its chief executive last year, AUCyber became the subject of takeover bids from Brennan, and a late offer from Interactive.
However, the offers from Brennan and Interactive were deemed inferior to the sharpened bid from 5GN, which has now won the day it appears.