5G Networks (ASX:5GN) said its on-market AU$0.11-per-share takeover offer for AuCyber (ASX:CYB) closed on Feb.17, according to a Tuesday filing with the Australian bourse.
At on Feb. 17, 5GN has an 89.69% stake in CYB, the filing said.
Since 5GN's stake in AuCyber is less than 90%, it will be unable to proceed with the acquisition of AuCyber's remaining shares, the filing added.
Shares of Aucyber fell 13% at market close.
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