SMS Management and Technology shareholders approve ASG Group acquisition

By on
SMS Management and Technology shareholders approve ASG Group acquisition
Geoff Lewis, ASG Group

SMS Management and Technology shareholders have overwhelmingly approved a proposed $124 million acquisition by ASG Group.

Approximately 98.5 percent of shareholders present voted in favour of the acquisition in a special shareholder meeting on Friday. The deal will see ASG pay $1.80 in cash for each SMS share.

The SMS board of directors declared a fully-franked special dividend of 10.2 cents per share after the acquisition was approved.

ASG revealed its bid to acquire SMS in May, outbidding a previous offer from DWS of $1 in cash and 0.39 DWS shares for each SMS share. SMS' board deemed the ASG offer to be the superior bid, and DWS declined to submit a counter proposal.

SMS reported a $42.1 million net loss for the financial year ending 30 June 2017. Revenue was down $24.2 million to reach $304.5 million and earnings fell from a positive $15.7 million last year to a loss of $37.9 million.

The acquisition is expected to be completed on 26 September.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © CRN Australia. All rights reserved.
Tags:

Most Read Articles

You must be a registered member of CRN to post a comment.
| Register

Poll

What's your top marketing tactic for 2020?
Long lunches with customers and prospects
Content marketing to drive website visits
Social media
More use of CRM
Word of mouth
Online ads
View poll archive

Log In

Username / Email:
Password:
  |  Forgot your password?