Australia's ReadyTech will continue engaging with Pacific Equity Partners on buyout bid (updated)

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22/12/2022 23:32

(Adds details, background)
       Dec 23 (Reuters) - Australia's ReadyTech Holdings
 RDY.AX  said on Friday that it would allow Pacific Equity
Partners to come up with a more certain buyout proposal, just a
day after the private-equity firm withdrew its offer for the
company to work on a new one. 
    On Thursday, Pacific Equity Partners (PEP) withdrew its
updated A$4.50 per-share takeover bid, which allowed ReadyTech
shareholders to opt for cash, shares or a mix of both, without
giving further details on the new plan or the withdrawal. 
        ReadyTech said its independent board committee had
recommended engaging with PEP to work on a more certain
proposal.
  
 (Reporting by Tejaswi Marthi in Bengaluru; Editing by Anil
D'Silva)
 ((Tejaswi.Marthi@thomsonreuters.com;))