Adviser Innovation logo
Adviser Innovation logo
Advisor Inovation logo
Iress progresses private equity buyout

Iress progresses private equity buyout

author image
By Neil Griffiths ·
August 19 2021

Iress progresses private equity buyout

The advice technology provider has announced it's progressing with a takeover offer from a European private equity firm.

Iress progresses private equity buyout
nestegg logo

Iress originally rejected the buyout offer from Europe’s EQT Fund Management earlier this month, however a revised implied value of $15.91 cash per share before franking credits comprising cash consideration of $15.75 per share has been agreed to subject to due diligence.

The company said the previous proposals “assumed there would be no further dividends paid by Iress or capital management prior to completion of any transaction”.

“The board has carefully considered the proposal, including obtaining advice from its financial and legal advisers, and considers it in the best interests of shareholders to engage further with EQT in relation to the proposal, Iress said in a statement released on Wednesday.

“Iress has agreed to grant EQT a period of 30 days to undertake its due diligence.”

Advertisement
Advertisement

Iress directors are expected to unanimously recommend that shareholders vote in favour of the proposal.

Interested in more technology and innovation content? Join the waitlist for Adviser Innovation Summit Melbourne.

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook.
Find us on Twitter for the latest updates
author image

About the author

Subscribe to our Newsletter

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

latest articles