Shareholders of New Zealand telco TeamTalk have ‘overwhelmingly endorsed’ Vodafone New Zealand’s offer to acquire 70% of subsidiary BayCity Communications (Farmside) for NZD10 million (USD6.95 million) in cash. Russell Stanners, Vodafone NZ CEO, commented: ‘I am delighted with the vote of confidence from TeamTalk’s shareholders. This is an opportunity to deliver better outcomes for rural customers, to increase our presence in the rural broadband market and to utilise the skillsets of the two complementary companies.’
As previously reported by TeleGeography’s CommsUpdate, last month TeamTalk confirmed that its directors had unanimously recommended that the company’s shareholders reject Spark’s hostile NZD23 million takeover bid for the whole business. Andrew Miller, TeamTalk CEO, commented: ‘Spark’s predatory offer has been tactically made before the company and its shareholders could benefit from the turnaround strategy implemented late last year.’ The rejection allowed Vodafone to step in with a reduced offer for TeamTalk’s rural business, which was duly accepted.