| Hostworks set to join Macquarie family |
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| Written by Stephen Withers | |
| Monday, 10 December 2007 | |
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This price represents a 37 percent premium on the previous closing price and a 17 percent premium on the media broker valuation. A shareholder meeting to consider the offer is expected in mid February. Marty Gauvin, Hostworks Managing Director, said "In the eight years since foundation, Hostworks has become recognized as Australia’s leading provider of managed services for on-line media and entertainment companies and management and hosting services for a broad range of critical applications. Broadcast Australia's proposal represents an excellent outcome for our shareholders as well as providing significant benefits for customers and employees." The agreement between the two companies provides for a break fee of $A675,000 payable to Broadcast Australia in certain circumstances, including a rejection of the scheme by Hostworks' shareholders.
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