Engin shareholder calls off vote on takeover offer

VoIP provider Engin has revealed that its majority shareholder, Network Investment Holdings, has withdrawn what was effectively a takeover offer for the company.

Network Investment, a subsidiary of Seven Group Holdings, had requested a special shareholder meeting to vote on a proposal to cancel every Engin share it does not hold conversely for $0.70 in compensation to the owners.

But Engin on Thursday disclosed that Network Investment had but withdrawn its request for the meeting, originally scheduled for 31 January.

The time the offer

At the time the offer was made, Network Investment owned around 57 per cent of the VoIP (Voice over Internet Protocol) company. Engin shares were as well trading at above the offer price.

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