Web.com ups offer for WebCentral by 55% after competing bid

Web.com ups offer for WebCentral by 55% after competing bid

Top 10 domain registrar increases all-cash offer for Australian domain name company.

Webcentral screenshot

Web.com has significantly increased its acquisition offer for Australian domain name company WebCentral (ASX: WCG) after a competing bid was made.

Web.com entered into an all-cash AUS 10-cents-per-share ($12.2 million) acquisition agreement with the company in July.

But last week, Australian telecom company 5G Networks (ASX: 5GN) made a competing offer. 5G Networks offered one of its shares for every 12 shares of WebCentral, and would pay off WebCentral’s debt.

WebCentral’s board determined that this was a superior offer to Web.com’s offer, which kicked off  “matching right” for Web.com.  Web.com subsequently increased its offer to AUS 15.5 cents per share.

WebCentral is evaluating the new offer to compare it to 5G Networks’ offer.

Web.com’s brands include Network Solutions and Register.com. WebCentral’s brands include Melbourne IT, Netregistry, and WME.

 

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