Iress rejects two acquisition offers from EQT
Iress has provided EQT Funds Management with limited non-public information for a potential proposal for an acquisition, after Iress has twice rejected unsolicited offers from the firm.
In a statement on the Australian Securities Exchange (ASX), Iress said it had received a confidential, unsolicited, non-binding and indicative proposal on 18 June, 2021, to acquire all Iress shares for a price of $14.80.
The Iress board rejected this proposal as it said it was no in the best interests of shareholders.
Another unsolicited offer was presented on 4 July, 2021, for a price range between $15.30 and $15.50 per share which was once again rejected.
Iress said: “Following careful consideration, including obtaining advice from its financial and legal advisers, the Iress board unanimously concluded that the indicative proposal was conditional and did not represent compelling value for Iress shareholders.
“The board informed EQT that it was prepared to provide it with access to limited non-public information so EQT can develop a proposal that is capable of being recommended to shareholders.
“This information has been shared with EQT following EQT entering into a confidentially and standstill agreement. Discussions are continuing.”
It had also announced an on-market share buy-back to the ASX, which would include up to $100 million of fully paid shares.
This was expected to happen following the release of audited half-year results which was scheduled for 19 August, 2021.
It also released its Investor Strategy Day presentation which boasted over half a million users, over 90% recurring subscription revenue, and the last three years had seen 99% client retention.
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