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Iress grants private equity firm extension on proposed buyout
Iress grants private equity firm extension on proposed buyout
Iress has agreed to grant an additional 10 days of exclusivity to a private equity firm’s proposed buyout.
EQT Fund Management initially submitted its proposal to acquire all of the tech company’s shares in August. At the time, Iress agreed to grant the bidder a 30-day exclusive access period to undertake its due diligence.
On Friday, Iress announced an additional 10 days for EQT “to complete its diligence and for an agreement to be finalised”.
“The board will update shareholders and the market in due course,” Iress said in a statement.
“The board recommends that Iress shareholders take no action in relation to the proposal by EQT.
“There is no certainty that the proposal will result in a transaction.”
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