Reglikedomain industry desk

Web.com ups offer for WebCentral by 55% following competing bid

Web.com ups offer for WebCentral by 55% following competing bid

Top 10 domain registrar increases all-cash offer for Australian domain name firm.

Webcentral screenshot

Web.com has significantly increased its buyout offer for Australian domain name firm WebCentral (ASX: WCG) following a competing bid was made.

Web.com entered into an all-cash AUS 10-cents-per-share ($12.2 million) buyout agreement with the firm in July.

But the prior week, Australian telecom firm 5G Networks (ASX: 5GN) made a competing offer. 5G Networks offered one of its shares for every 12 shares of WebCentral, and would pay off WebCentral’s debt.

WebCentral’s board determined that this was a superior offer to Web.com’s offer, which kicked off  “matching right” for Web.com.  Web.com subsequently increased its offer to AUS 15.5 cents per share.

WebCentral is evaluating the fresh offer to compare it to 5G Networks’ offer.

Web.com’s brands include Network Solutions and Register.com. WebCentral’s brands include Melbourne IT, Netregistry, and WME.

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