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.
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.
Shares in Cirrus Networks rocketed early this morning but eased off during the day, as the market digested a trading update detailing several completed contracts.
West Perth-based Amristar Solutions has secured a $4.5 million state government contract for ICT services, while ASX-listed Cirrus Networks has been awarded a $2.5 million contract to manage data services for Crown Resorts.
IT company Cirrus Networks has entered into an agreement to acquire Melbourne-based NGage Technology Group in a cash-and-scrip deal worth $2.5 million.
Cirrus Networks has been earmarked for a contract to provide IT managed services to heavy earthmoving equipment supplier Emeco Holdings for an undisclosed sum.
SPECIAL REPORT: The ubiquitous influence of the internet in modern business has brought an uptick in investment in Perth's data storage capacity, and into new high-speed subsea cables.
Matthew Sullivan has been appointed as the new managing director of Cirrus Networks. Mr Sullivan has been a non-executive director of Cirrus since November 2014.
Cirrus Networks has announced non-executive director and IT entrepreneur Matt Sullivan will transition to the role of managing director at the company's next general meeting.
Recently-listed IT company Cirrus Networks has bought Amcom L7 Solutions for a knock-down price of $500,000, four years after current Cirrus directors Andrew Milner and Matthew Sullivan sold the business for $15 million.
Liberty Resources is ticking the remaining boxes on its list of requirements to be met for its proposed acquisition of Cirrus Networks, with an independent expert giving the transaction its stamp of approval today, ahead of a shareholders meeting next month.
L7 Solutions co-founders Andrew Milner and Matthew Sullivan have joined the board of Perth-based IT firm Cirrus Networks, while Liberty Resources continues due diligence on its reverse takeover of the business.
