Australia's ReadyTech says Pacific Equity Partners working on new buyout offer (updated)

Readytech Holdings

21/12/2022 23:20

(Adds details)
       Dec 22 (Reuters) - Australia's ReadyTech  RDY.AX  said
on Thursday that Pacific Equity Partners (PEP) had withdrawn its
updated buyout offer of A$4.50 per share for the company and was
working on an alternative proposal.
    PEP revised its per-share offer last month, allowing
ReadyTech shareholders to opt for cash, shares or a mix of both 
    The private-equity firm's alternative offer could deliver
the same per-share value, although it was yet to give out
further details on the proposal, the company said in a press
statement. 
        Readytech is among a handful of Australian software
firms that have agreed to be bought out by PE firms in recent
months. Others include Xero Ltd  XRO.AX  and Tyro Payments Ltd
 TYR.AX .
  
        ReadyTech, which has a market capitalization of A$447.3
million ($300 million), also reaffirmed its fiscal 2023 outlook.
  
($1 = 1.4905 Australian dollars)
 (Reporting by Navya Mittal in Bengaluru; Editing by Anil
D'Silva)
 ((Navya.Mittal@thomsonreuters.com;))