SYDNEY , AUSTRALIA: TASK Group has announced a definitive agreement for acquisition by PAR Technology. The Scheme Implementation Agreement (SIA) outlines that PAR Technology will acquire all TASK shares at an implied price of A$0.81 per share, valuing the company’s equity at approximately A$310 million.

The deal, subject to court approval, offers TASK Group shareholders two options for their consideration: a full cash payout or a mixed consideration of cash and PAR Technology shares.

Shareholders opting for the mixed consideration will receive 0.015 PAR shares for each TASK share, alongside cash, potentially raising the company’s valuation to A$343 million based on PAR’s share price as of March 8, 2024.

TASK Group is also seeking a ruling from the Australian Taxation Office regarding capital gains tax rollover relief for its Australian shareholders, which remains a condition precedent for the transaction.

The agreement includes standard exclusivity clauses, such as “no shop” and “no talk” restrictions, and grants PAR Technology a matching right, with TASK Directors retaining their fiduciary duties.

Additionally, the SIA stipulates a break fee of A$1.3 million in certain scenarios, payable by either party.

The proposed acquisition is slated for completion in the third quarter of 2024, pending approvals from TASK shareholders, the court, and the fulfillment of other conditions.

TASK Group is a leading provider of technology solutions enabling its global hospitality clients to maximise their customer relationships in an increasingly digital world.

TASK’s end-to-end cloud-based platform helps clients to improve customer experiences across every transactional touchpoint, including digital customer-facing services, back-of-house and enterprise operations.

For more than 40 years, PAR’s cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships