The Bulletproof Group Ltd (ASX: BPF) share price has been volatile recently after the IT professional services company received an 11 cents per share takeover offer from listed rival Macquarie Telecom Group (ASX: MAQ).
Bulletproof lifted 50% from prices around 7.5 cents in mid November on news of the offer being received on November 21, with Macquarie Telecom already holding 16.5% of Bulletproof. The problem for Macquarie Telecom is that several substantial shareholders in Bulletproof including its co-founcer and current chief executive believe the 11 cents per share bid undervalues the group.
Given that Bulletproof shares traded for 25 cents as recently as February 2017 the bid has an opportunistic look about it as Bulletproof's recent problems may be short-term in nature. There's a possibility that Macquarie Telecom may come back with a higher offer, although given Bulletproof's operating problems recently it may not see it as worth more than 11 cents per share.
