- Altium (ALU) has turned down an unsolicited buyout proposal from Autodesk
- The NASDAQ-listed multinational software company had offered to buy all ALU shares at $38.50 each
- Altium's board says the offer undervalues the company's prospects
- Shares are trading 35 per cent higher at $36.74 at 1:50 pm AEST
Altium (ALU) has turned down an unsolicited buyout proposal from fellow multinational software company Autodesk.
Autodesk is a NASDAQ-listed company with a market capitalisation of around US$62 billion (A$80.2 million) and provides products and services for architecture, engineering, construction, manufacturing, media, education and entertainment industries.
The non-binding, indicative proposal for 100 per cent of ALU shares at $38.50 each originated from discussions about a strategic partnership, according to Altium.
In a statement, Altium said that while it appreciates Autodesk's interest, the board considered the current offer to undervalue the company's prospects.
Altium maintained it will continue to engage with interested parties to establish appropriate valuations and to review strategic alternatives for the business.
As such, Altium has engaged Goldman Sachs as a financial advisor and King & Wood as a legal advisor.
Shares were trading 35 per cent higher at $36.74 at 1:50 pm AEST.