Business
New twist in 5G Networks (ASX:5GN) takeover of ASX-listed Webcentral
The continuing saga involving the 5G Networks Ltd (ASX: 5GN) acquisition of Webcentral Group Ltd (ASX: WCG) took another twist today.
5G Networks advised that the Australian Takeovers Panel had received another application from Webcentral’s key shareholder, Keybridge Capital Limited (ASX: KBC).
This is the second application from Keybridge, claiming that 5G Networks used coercive tactics to pressure Webcentral’s shareholders into selling.
At the time of writing, the 5G Networks’ share price has dropped 6% to $1.32, while the Webcentral share price is down 19.17% to 48 cents. Meanwhile, shares in Keybridge have been suspended from trading on the ASX since 2019.
Here’s the background behind the takeover
In November 2020, 5G…
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