2 ASX takeover bids this morning, but only 1 accepted

Nick Sundich Nick Sundich, November 1, 2022

ASX takeovers have increased in recent weeks amidst the Tech Wreck (and AUD depreciation) as would-be acquirers use the opportunity to buy assets at a reduced price. This morning, two tech stocks received takeover bids. One accepted while the other promised to give it a look.

 

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ASX takeovers considered by PropTech and ReadyTech, but only PropTech accepts

PropTech Group (ASX:PTG), which has real estate software solutions, unveiled a bid from MRI Software Ltd of A$93.4m, equating to 60c a share (131% higher than yesterday’s close). MRI is a US-based company that serves over 2 million users worldwide and has been in the proptech industry for over five decades. 

The PTG board unanimously endorsed the offer and told shareholders that they would vote in favour of it at an upcoming meeting to consider the offer. The company intends such a meeting to be held in January.

 

ReadyTech also gets an offer, but hasn’t accepted (yet)

ReadyTech (ASX:RDY) is also a tech company that has a portfolio of Cloud software businesses that are targeted towards Enterprise and Government clients. Even with the Tech Wreck of 2022, this company’s shares have traded well ahead of its $1.50 IPO price. 

The AFR’s Street Talk column reported that Pacific Equity Partners made a $4.50 a share ASX takeover bid. ReadyTech confirmed the news and is considering the offer.

 

This ASX takeover is no done deal

But ReadyTech’s offer has not been accepted (yet), with the company only promising to further consider the offer. But this offer may not be accepted because shareholder Microequities Asset Management has publicly expressed opposition.

It holds a 14% stake in RDY, but 32%-shareholder Pemba Capital is advising Pacific Equity Partners. Although Chinese Walls will be in place at Pemba, we expect the funds management team to vote in favour of a deal.

 

 

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