SYDNEY, AUSTRALIA: EROAD Limited has today received an unsolicited, non-binding indicative proposal (NBIO) from Brillian APAC Pty Ltd, part of the Volaris Group.

The Volaris Group is an operating group of Toronto Stock Exchange-listed Constellation Software Inc. (TSX:CSU).

The NBIO from Volaris is seeking to acquire 100% of EROAD’s shares at a proposed price of $1.30 per share in cash noting its preferred approach is by way of a scheme of arrangement.

Volaris has also disclosed that it has acquired an interest of 17.734% of EROAD’s shares on issue with the most recent acquisition of 15,994,438 shares being at $1.30 per share.

EROAD’s Board of Directors has commenced a process to consider the NBIO alongside its advisors, Goldman Sachs as financial advisor and Chapman Tripp as legal advisor.

The Board will act in what it considers to be the best interests of the Company and its shareholders, including assessing the merits of this NBIO from Volaris relative to the work underway on reviewing partnership options to contribute some combination of market access, expertise and capital to drive further growth in the North American market and other alternatives.