Telecommunications innovator Vonex announced the receipt of a non-binding indicative proposal from Swoop Holdings (ASX:SWP) to acquire 100% of Vonex.
The proposal is a competing offer to the previously announced scheme of arrangement with Maxo Telecommunications.
The proposal from Swoop, which offers 4 cents per Vonex share, includes a combination of up to 25% cash and fully paid shares in Swoop valued at 23 cents.
The offer remains subject to credit approval from Swoop's lender and the execution of a binding scheme implementation deed.
"Considering the conditionality and uncertainty around the Swoop offer there is no certainty that it will lead to a binding offer from Swoop," said Ian Porter, CEO of Vonex.
"The Vonex board does not consider the Swoop offer to be superior to the MaxoTel offer and shareholders should take no action in relation to the Swoop offer."
The Vonex board continues to unanimously recommend that shareholders vote in favour of the scheme of arrangement with MaxoTel.
They assert that the MaxoTel offer at 3.75 cents per share remains more favourable and less conditional compared to the Swoop proposal.
Vonex is a full-service, telecommunications service provider.
The company is engaged in selling mobile, internet, traditional fixed lines, infrastructure solutions and hosted private branch exchange and voice-over-internet protocol services to small to medium enterprise customers under the Vonex brand. Its segments include retail and wholesale.