NEXTDC board responds to aftermarket share raid by Goodman and Digital Realty
NEXTDC (ASX: NXT) has responded to an aftermarket share raid by Ackland Investments No.1 Pty Limited as trustee for the Ackland Investments No.1 Trust (“Ackland”). Ackland is a vehicle owned in equal shares by Goodman Group (ASX: GMG) and Digital Realty Trust, Inc. (NYSE: DLR).
The key facts, as NEXTDC understands them:
- Ackland conducted an aftermarket book build on 4 November 2026.
- The offer price was A$9.50 per share.
- The maximum holding sought was 9.9% of NEXTDC’s ordinary shares.
- NEXTDC does not know the outcome of the share raid.
For shareholders, the headline is straightforward: NEXTDC shareholders do not need to take any action in relation to the announcement at this time.
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Board calls the move opportunistic
Timing and process
The Board considers the share raid an opportunistic move by Goodman and Digital Realty. It came two weeks after NEXTDC’s 21 October 2026 announcement of the M3 Melbourne power delay and revised FY27 guidance.
The M3 Melbourne power delay removed about A$140 million from FY27 revenue and EBITDA guidance, and the capex review it triggered is due to report at the 20 November AGM.
The aftermarket book build was open only to institutional investors.
No control proposal at this time
NEXTDC noted a statement made by Goodman and Digital Realty, through their broker, to investors during the book build. They said they have “no intention of submitting a control proposal or making a takeover bid for the Company at this time, but reserve their right to do so”.
The Board is not in possession of any takeover proposal at this time.
| What was said | Source of statement |
|---|---|
| No intention of submitting a control proposal or making a takeover bid at this time, but reserve their right to do so | Goodman and Digital Realty, through their broker, to investors during the book build |
| The share raid is an opportunistic move | NEXTDC Board |
| Not in possession of any takeover proposal at this time | NEXTDC Board |
What a share raid means for investors
An aftermarket share raid is a rapid effort to buy shares from existing holders, here through a book build. A book build is a process in which a buyer, usually via a broker, invites investors to say how many shares they would sell and at what price.
Because the offer was made at a set price to institutional investors, a buyer can potentially assemble a sizeable stake quickly. In this case the maximum holding sought was 9.9% of NEXTDC’s ordinary shares.
A stake of that size can matter in a takeover context, which is why the Board’s position on any follow-up approach is relevant to shareholders.
NEXTDC’s FY26 full-year results showed a 565MW forward order book made up of binding customer contracts, the kind of contracted earnings pipeline that can make a listed operator attractive to strategic buyers.
Board stance and advisers in place
Any bona fide approaches will be considered by the Board on their merits and in the best interests of all NEXTDC shareholders. Shareholders do not need to take any action at this time.
NEXTDC has appointed the following advisers:
- Barrenjoey Advisory Pty Limited and UBS Securities Australia Limited, joint lead financial advisers
- Cadence Advisory, independent financial adviser
- Mallesons, legal adviser
NEXTDC said it is mindful of its continuous disclosure obligations and will keep the market informed of any further developments in compliance with those obligations.
NEXTDC is an ASX 100-listed technology company and Data Centre-as-a-Service provider, recognised for Australia’s only network of Uptime Institute certified Tier IV facilities.
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