NEXTDC completes takeover of APDC Group
12 October 2018, Written by David Simmons
The long-running battle for control of Asia Pacific Data Centre (APDC) has come to an end with NEXTDC announcing it has completed its takeover of the data centres.
NEXTDC now has control of 97 per cent of the securities in APDC, paying $2 per security for the remaining shares on offer.
As a result of having an interest in APDC of over 90 per cent, NEXTDC now intends to proceed with the compulsory acquisition of the outstanding shares not owned.
APDC shares who have not yet accepted NEXDC's offer may still do so by selling on market before 4.00 pm AEST on 26 November.
APDC is a spin-off of of NEXTDC with a portfolio of three data centre properties in Sydney, Melbourne and Perth that are operated by NEXTDC.
The two companies were previously embroiled in a dispute over access rights, and the relationship has been strained ever since a bidding war began last year between NEXTDC and 360 Capital.
Shares in NEXTDC are down 0.48 per cent to $6.26 per share at 2.34pm AEST.
Business News Australia
Author: David Simmons