Webcentral announced that the company has entered a Scheme Implementation Deed providing for Web.comto acquire 100% of Webcentral shares. According to the statement, the Board of Webcentral unanimously recommends that shareholders vote in favor of the Scheme. The acquisition is expected to be implemented in October 2020. The company also stated that Web.com will refinance Webcentral’s Existing Debt Facilities and ensure the full and final payment or repayment by Webcentral to the Existing Financiers of all amounts payable to the Existing Financiers.
A$0.10 per share
Webcentral shareholders will receive cash consideration of A$0.10 per Webcentral share. Thereafter, Webcentral will become a wholly-owned subsidiary of Web.com. Web.com Group’s CEO and President, Sharon Rowlands, said,
“Webcentral has been a market leader in the Australian domain names, hosting, and digital marketing solutions industries for more than 20 years. Web.com Group looks forward to welcoming Webcentral to our family of leading brands that focus on helping businesses build an online presence that delivers results. We believe the Webcentral offering is a highly complementary offering and builds upon Web.com Group’s expanding presence in Australia following the successful acquisition of Dreamscape in 2019.”