Shareholders Approve NetComm Wireless Sale

Shareholders in Australian telecommunications equipment maker Netcomm Wireless have agreed to a deal that will see the homegrown company sold to an overseas business for more than $160 million.

US-based Casa Systems will acquire Netcomm for $1.10 per share after 86.6 per cent of the votes opted in favour.

A group of objecting shareholders said the offer vastly undervalued the worth of the company and was an opportunistic attempt to acquire the company cheaply while its share price traded at its lowest point since 2015, according to the AFR.

Long term shareholder Gary Jackson said the company had sold shareholders out accepting the “paltry” $1.10 offer.

Netcomm shares fell in August after it declared its revenue growth would be lowered by slow rollout of two big projects Netcomm participated in with NBN and AT&T.

The acquisition still needs court approval which is expected to be granted on Thursday.