Australian environmental technology company Envirosuite (ASX: EVS) has received an indicative takeover proposal from British software specialist Ideagen for a cash consideration of $0.10 per share.
The non-binding and conditional takeover offer represents a premium of 133% to Envirosuite’s most recent closing price of $0.043 per share and a premium of 120% to the one-month volume-weighted average price of $0.045.
Ideagen specialises in providing innovative solutions to enhance governance, health and safety, risk management and compliance practices for organisations across various industries.
While certain aspects of the proposal are still to be clarified, Envirosuite’s board of directors has considered it to be in the best interests of shareholders and has agreed to engage further with Ideagen.
“The board will assess the merits of the indicative proposal relative to other value-maximising strategies for shareholders,” the company said.
“Shareholders should not take any action in response to the proposal [and] there is no certainty that it will result in a binding offer or that any transaction will eventuate.”
Ideagen has advised that it intends to engage with Envirosuite’s major shareholders including global mining services company Hitachi Construction Machinery.
The takeover proposal follows Envirosuite’s recent engagement of MA Moelis Australia to assist with an operational review and evaluate potential corporate directions including market opportunities and long-term strategies.
“Envirosuite is continually assessing opportunities to maximise shareholder value and return on capital and to ensure the business is well positioned for future growth,” the company said.
“We will continue to keep the market informed in accordance with continuous disclosure obligations.”
Hitachi Construction Machinery became Envirosuite’s largest single-entity shareholder when it invested $10 million for a 12% equity stake in September.
Under the terms of the deal, Hitachi received a minimum of 158.5 million Envirosuite shares priced at $0.058 each via a two-tranche subscription agreement.
Envirosuite said it would work with Hitachi to advance environmental intelligence solutions in the mining industry.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。