SYDNEY: ReadyTech Holdings Limited said Monday it has rejected an unsolicited, non-binding indicative proposal from Total Specific Solutions to acquire 100% of the company for $2 per share in cash, along with a parallel off-market bid at $1.75 per share.
The board determined to reject the proposal, stating it does not reflect the company’s inherent value in a change of control context and is not executable.
The proposal included a scheme of arrangement for the $2 per share offer and an off-market bid with a 0.1% minimum acceptance condition for the lower $1.75 per share cash consideration.
ReadyTech shareholders are not required to take any action at this time.
The company is being advised by Jefferies Australia.
ReadyTech is a provider of mission-critical software-as-a-service for the education, employment services, workforce management, government and justice sectors.
