Total
0
Shares
Altium (ASX:ALU) - CEO, Aram Mirkazemi - The Market Herald
CEO, Aram Mirkazemi
Source: Business Insider
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

ALU by the numbers
More From The Market Herald
Frontier Digital Ventures (ASX:FDV) - - The Market Herald

" Frontier Digital Ventures (ASX:FDV) to own all of InfoCasas

Frontier Digital Ventures (FDV) is set to have 100 per cent ownership of South American property portal, InfoCasas.
Delta Drone International (ASX:DLT) - CEO, Christopher Clark - The Market Herald

" Delta Drone International (ASX:DLT) renews five-year service deal with South32

Delta Drone International (DLT) has secured a five-year renewal for its aerial data services contract with mining and metals giant South32.
Mobecom (ASX:MBM) - Founder, Neil Joseph - The Market Herald

" Mobilicom (ASX:MOB) completes third delivery for $2.3m contract

Mobilicom (MOB) has completed its third delivery for an existing $2.3 million contract.  
Hansen Technologies (ASX:HSN) - Managing Director & CEO, Andrew Hansen - The Market Herald

" Hansen Technologies (ASX:HSN) receives $1.3B takeover offer from BGH Capital

Shares in Hansen Technologies (HSN) have enjoyed a boost after the software and services provider received a $1.3 billion takeover bid from BGH...