Australian software company ReadyTech gets $308 mln bid from PE firm (updated)

Readytech Holdings

31/10/2022 23:11

(Adds details on deal, background)
       Nov 1 (Reuters) - Australia's ReadyTech Holdings
 RDY.AX  said on Tuesday it has received an A$481.4 million
($308.3 million) buyout offer from Pacific Equity Partners
(PEP), one of the country's biggest private equity firms.
    The A$4.50-per-share proposal, at a near 39% premium to the
stock's last close, marks the third play for an Australian
technology company since last week, highlighting increasing
interest in the sector amid cheap valuations.  urn:newsml:reuters.com:*:nL1N31V0MD
 urn:newsml:reuters.com:*:nL1N31R06G
    ELMO Software  ELO.AX  last week agreed to a near-A$500
million takeover from Los Angeles-based K1 Investment
Management, while Nitro Software  NTO.AX  on Monday backed a
similar offer from KKR Inc's  KKR.N  Alludo. 
    ReadyTech said funds managed by Pemba Capital Partners held
32.01% of its issued shares, and that PEP would seek to obtain
the Australian corporate regulator's go-ahead for the company
and Pemba to work together on the proposal. 
    PEP was granted due diligence access and discussions were
ongoing, New South Wales-based ReadyTech said, but no
arrangement has been reached about the value, structure or terms
of any potential deal.
($1 = 1.5615 Australian dollars)
 (Reporting by Upasana Singh in Bengaluru; Editing by Devika
Syamnath)
 ((Upasana.Singh@thomsonreuters.com;))