Australia’s Bigtincan Holdings Ltd said it had received a buyout bid from private equity adviser SQN Investors, valuing the software firm at A$441.9 million ($300.62 million).
Shares of Bigtincan surged as much as 14.7% to their highest in more than three months after the A$0.80 per-share offer, which represents a 17.6% premium to the stock’s last close on Thursday.
If the deal goes through, Bigtincan will join a handful of Australian software firms that have agreed to be bought out by private equity firms in recent months.
However, Bigtincan has urged its shareholders not to take any action for now as it has been in preliminary talks with other interested parties related to a potential buyout deal.
SQN Investors, which hold a 13.6% stake in the artificial intelligence-powered software provider, intends to fund the acquisition via a combination of equity and potential debt financing, according to Bigtincan.
Source: Reuters.com