Things are heating up now. Swoop (ASX:SWP) have taken a strategic position in Vonex, of 16.99% and indicated they will vote no on the MaxoTel potential takover at $0.0375. At this stage Swoop have kept their initial offer in place of a mix of cash & scrip totalling $0.04 per share.

Vonex subsequently responded that shareholders should continue to ignore the Swoop offer and approve MaxoTel's

Swoop replied in kind with a much longer letter that you can read here

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02851224-2A1547732&v=fc9bdb61fe50ea61f8225e24ce041a0e155a9400

I did enjoy this slightly snarky paragraph in the letter however

Looks as if a potential bidding war is about to kick off on Vonex. VN8 entered a scheme of arrangement back in June with some mob called MaxoTel that is privately owned and run out of Toowoomba for $0.0375 a share. Today Swoop (ASX: SWP) lobbed in an offer of $0.04, cash for 25% and Swoop shares for the rest valued at $0.23 (oddly Swoop shares closed lower than this yesterday). The VN8 board have rejected Swoop at this stage pending further information and are still recommending share holders accept MaxoTel's original bid.