Australia’s Iress Ltd said on Friday it had ended talks to sell itself to Swedish private-equity firm EQT as the two parties were unable to agree on a deal that valued the software provider at A$3.2 billion ($2.33 billion).
EQT raised its bid to A$15.91 per Iress share last month after its two previous offers were rejected by the company, saying they did not provide a compelling value to shareholders.
EQT’s Asia-Pacific chairman, Thomas Von Koch, said the PE firm was not able to sufficiently confirm its investment hypothesis during due diligence.
Iress said it remained committed to doubling its net profit after tax by 2025 with potential for further upside, and reaffirmed its FY21 forecast for segment profit of between A$164 million and A$168 million.
Iress, a software provider to banks, insurers, traders and brokers, has seen its share price soar nearly 30% so far this year.
Source: Reuters.com