Australia-based B2C talent platform Airtasker announced that its acquisition of Oneflare Pty Limited will proceed on 25 May 2022.

This follows a short delay while Airtasker addressed some queries from the Australian Competition & Consumer Commission (ACCC) regarding the acquisition. The ACCC has confirmed it does not intend to conduct a public review of the acquisition pursuant to section 50 of the Competition and Consumer Act 2010.

Airtasker will complete the acquisition and settle the private placement on 25 May 2022.

The price of the acquisition was reported as AUD 9.8 million (USD 6.9 million).

Given the current share price is below the AUD 0.43 (USD 0.30) price per share agreed for the placement, the Board has decided to withdraw the Share Purchase Plan (SPP), noting that current shareholders can acquire shares in the company on market at a lower price than the price previously anticipated for the SPP offer.

A General Meeting will be convened to seek approval from shareholders for the participation of certain directors in the placement. The General Meeting is expected to take place in early July and the notice of meeting will be despatched in the coming weeks.