A hostile takeover of local IT services firm Cirrus Networks has escalated, after its Victorian bidder alleged the target made a number of inaccurate statements that could mislead shareholders.
The board of Cirrus Networks has pleaded with its shareholders to reject what it described as a hostile takeover offer by Webcentral Group, calling on them to “stop the theft”.
The board of Cirrus Networks has continued to reject an unsolicited takeover proposal from Webcentral Group, after an independent expert deemed the offer unfair and unreasonable.
Paul Everingham has revealed his intention to leave Cirrus Networks if shareholders vote in favour of appointing two directors from unsolicited bidder Webcentral Group.
Cirrus Networks' board has continued to reject a takeover proposal made by Webcentral Group, which is now seeking to remove three directors of the local IT services firm.
The board of Cirrus Networks has rejected what is calls an inadequate takeover bid from Webcentral Group that valued the Perth-based IT services business at about $30 million.
Cirrus Networks has become the second Perth-based IT services firm to receive a takeover offer in recent weeks, after Victoria's Webcentral Group made an on-market bid.
