Over 45 Million Votes Cast in Favor of NinjaOne’s A$5.90 Per Share Offer
Dropsuite Limited’s shareholders have overwhelmingly endorsed the proposed acquisition by NinjaOne Australia, voting in favour of the scheme at a hybrid meeting. The deal, valued at A$5.90 per share, now awaits final Federal Court approval.
- Scheme Meeting held both physically and virtually with strong shareholder turnout
- Preliminary votes show overwhelming support for NinjaOne’s A$5.90 per share offer
- Directors unanimously recommend the scheme in absence of a superior proposal
- Federal Court approval scheduled for 14 May 2025 remains a key condition
- If approved, scheme implementation expected by 30 May 2025
A Pivotal Moment for Dropsuite
On 9 May 2025, Dropsuite Limited convened a critical Scheme Meeting to decide the fate of its proposed acquisition by NinjaOne Australia Pty Ltd. The meeting, conducted in a hybrid format from Melbourne and online, saw robust participation from shareholders, proxyholders, and corporate representatives. The agenda was clear: vote on the scheme of arrangement under which NinjaOne would acquire all issued shares in Dropsuite for A$5.90 per share.
The Chairman, Theo Hnarakis, opened the meeting confirming the presence of a quorum and outlined the voting procedures, emphasizing transparency and shareholder engagement. The meeting was supported by Dropsuite’s board and senior management, with key figures including CEO Charif Elansari and CFO Bill Kyriacou present either physically or via audiovisual link.
Strong Shareholder Endorsement
Preliminary voting results revealed overwhelming support for the scheme resolution, with over 45.6 million votes cast in favour and only a small fraction opposed. The Chairman noted that undirected proxies defaulted to a vote in favour, reflecting the directors’ unanimous recommendation to accept the offer, provided no superior proposal emerges. The independent expert report from BDO Corporate Finance Australia also affirmed the scheme as fair and reasonable, reinforcing the board’s position.
This endorsement comes after the Foreign Investment Review Board (FIRB) approval was secured on 5 May 2025, clearing a significant regulatory hurdle. The scheme remains subject to final shareholder approval by the requisite majorities and Federal Court sanction, scheduled for 14 May 2025. Should these conditions be met, the acquisition is expected to be implemented by 30 May 2025, marking a new chapter for Dropsuite as a wholly owned NinjaOne subsidiary.
Looking Ahead
While the meeting concluded with strong optimism, the final poll results and court approval remain pending. The board reassured shareholders that no superior proposal has surfaced, but vigilance remains prudent. The acquisition promises to integrate Dropsuite’s cloud backup and recovery solutions with NinjaOne’s broader IT management platform, potentially enhancing competitive positioning in the cloud software sector.
Shareholders and market watchers will be closely monitoring the Federal Court hearing next week, which will be the definitive step in this transformative deal. The outcome will not only determine Dropsuite’s future ownership but could also signal broader consolidation trends within the technology services landscape.
Bottom Line?
With shareholder backing secured, all eyes now turn to the Federal Court’s verdict to seal Dropsuite’s next chapter.
Questions in the middle?
- Will any last-minute superior proposals emerge before the Federal Court hearing?
- How will NinjaOne integrate Dropsuite’s technology and operations post-acquisition?
- What impact will the acquisition have on Dropsuite’s existing customer base and growth trajectory?
