Australia's Readytech Holdings gains on receiving updated buyout offer

Readytech Holdings

30/11/2022 24:39

** Shares of Readytech Holdings Ltd  RDY.AX  jump as much as
3.5% to A$4.090, their highest since Nov. 3
    ** Software as a service (SaaS) co says it has now received
an updated buyout proposal from suitor Pacific Equity Partners
(PEP) urn:newsml:reuters.com:*:nL4N32P3VA
    ** Says PEP's updated offer allows RDY's shareholders to
choose the A$4.50/share consideration in cash, shares, or a mix
of both
    ** Says PEP has also decided to drop its plan to work with
RDY's largest shareholder Pemba Capital Partners on the proposal
    ** Earlier this month, PEP offered to buy RDY for A$481.4
mln ($321.96 mln)  urn:newsml:reuters.com:*:nL4N31W4L9
    ** RDY advised it was in the best interest of shareholders
to continue to engage with PEP on a non-exclusive basis
    ** Biggest intraday pct gain since Nov. 15
    ** Stock has risen 1.3% this year, as of last close 
($1 = 1.4952 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))