One of the largest shareholders in cloud services business Bulletproof is set to vote against the $18 million takeover bid by Macquarie Telecom, saying the offer is "highly opportunistic and unreasonable".
On the back of the acquisition offer, Microequities Asset Management increased its stake from 5.08 per cent to 6.5 per cent in Bulletproof, before issuing a statement that it would be voting against the takeover.
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Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
