On October 8 this year, the MNF Group (ASX:MNF) a telecommunications company, announced that it had entered into an agreement to acquire the Wholesale and Enablement Business of Inabox Group (ASX:IAB)
On the November 15 2018, Inabox Group (ASX:IAB) received a proposal from a subsidiary of SB&G Group for an off-market offer for the shares of IAB at a price of 90 cents cash per share.
The MNF believe the offer on the 8th would provide better value to Inabox shareholders.
MFN will now pay Inabox $34.5 million in cash for the same business assets subject to approval at an Extraordinary General Meeting of Inabox shareholders.
The Inabox board recommends shareholders vote in favour of the imprived MNF transaction in absence of a superior proposal.
Shares in the MNF Group (ASX:MNF) trading 0.3 per cent lower at $3.99.