Allens advises tech firm Bulletproof on merger

Allens has advised cloud services provider Bulletproof Group Limited on its merger with Klikon Group Holdings (AC3).

Under the deal, Bulletproof entered into a scheme of arrangement with its shareholders pursuant to which AC3 acquired 100 per cent of the shares in Bulletproof.

Allens worked closely with Bulletproof's board of directors, financial advisers and share registry to close the deal, which follows an unsuccessful takeover bid by Macquarie Telecom launched in November 2017.

In a deal that closed yesterday, 6 June, Bulletproof shareholders received cash consideration for their shares of 15.2 cents per share, a 38 per cent premium on Macquarie Telecom's 11 cents per share takeover offer.

'This was a deal full of twists and turns given the competing takeover bid and Takeovers Panel action, so this outcome is particularly pleasing,' said lead Partner Mark Malinas .

'We are delighted to have worked with the Bulletproof management team and Board to achieve such a positive result for shareholders.

'Completion of this scheme follows a trend of public M&A in the Australian market and in particular appetite for technology business.'

In 2018, Allens' market-leading M&A team has advised on take privates for Billabong, Westfield, AWE, Healthscope, BWX and LifeHealthcare among others.

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