In today’s briefing:
- Readytech (RDY AU): Microequities Baulks At PEP’s A$4.50/Share Indicative Offer
- ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?
Readytech (RDY AU): Microequities Baulks At PEP’s A$4.50/Share Indicative Offer
- Software outfit ReadyTech (RDY AU) has announced an indicative proposal from Pacific Equity Partners and affiliates, to acquire ReadyTech by way of a Scheme of Arrangement at $4.50/share.
- Pemba Capital, with 32.01% of shares out, are in discussion with PEP as to what appears to be the PE firm rolling over shares.
- ReadyTech’s independent board has granted PEP non-exclusive due diligence to flesh out a firm Offer. According to media reports, Microequities, with ~13%, is not on board whatsoever.
ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?
- ReadyTech Holdings Ltd (RDY AU) confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.
- PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.
- The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.
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