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Iress progresses private equity buyout
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 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.”
Iress directors are expected to “unanimously recommend” that shareholders vote in favour of the proposal.
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