Successful defence of Webcentral hostile takeover and 249D process
In July 2021 Cirrus Networks Holdings Limited ("Cirrus") received a hostile, on market takeover offer from its largest shareholder Webcentral Limited (“Webcentral”). In August 2021, whilst the takeover was still live, Webcentral also launched a s249D process to remove 3 of Cirrus’ directors and replace them with Webcentral representatives. The resolutions failed to pass with Cirrus Directors retaining their positions.
The takeover offer was unsuccessful and closed in September 2021 with Webcentral remaining as the largest shareholder Cirrus.
Azure advised Cirrus on all aspects of the process including valuation, strategic advice, and defence tactics.