5GN makes takeover bid for Webcentral Group

Telecommunications carrier 5GN Networks has made a $21.6 million takeover bid for Webcentral Group, which owns Melbourne IT, Netregistry and Domainz. The Webcentral board has determined that the 5GN proposal is superior to a July scheme of arrangement between Webcentral and US-based technology company Web.com Group. The board had previously recommended shareholders vote in favour of the scheme in the absence of a better offer. Web.com Group now has five business days to produce a matching or superior proposal. https://www.webcentralgroup.com.au/investors/