10 more days! Iress heads for worst week since Feb, 12% below EQT bid

Hansen Technologies

10/09/2021 01:48

** Software provider Iress Ltd  IRE.AX  is set for its worst
week since late-Feb, falling ~5% and now sits ~12% below EQT's
 EQTAB.ST  bid
    ** Shares down 0.1% at A$13.97
    ** Earlier this week, private-equity firm BGH Capital
withdrew its takeover bid for another software company Hansen
Technologies  HSN.AX , raising doubts over other deals
    ** IRE is granting Swedish private-equity firm EQT another
10 days to complete its due diligence 
    ** Last month, EQT had raised its bid to A$3.08 bln ($2.27
bln), or A$15.91 a share
   ** Iress said in August that it had rejected two earlier bids
from EQT, the latest of which valued it at up to A$2.96 bln, on
the grounds that it did not provide a compelling value to
shareholders
    
    ($1 = 1.3565 Australian dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))