Software company Bigtincan (ASX: BTH) has rejected a $485 million takeover offer from US investment firm Siris Capital Partners, nearly six months after receiving a similarly sized offer from SQN.
Announced this morning by Bigtincan after the Siris Capital Group proposal was revealed by the Australian Financial Review, the company says the deal is not ‘in the best interests of shareholders’, and as such the $0.80 per share bid will not move forward.
The latest tilt for Bigtincan, which provides software for sales teams, comes as the firm is positioning itself for making acquisitions of its own, having raised $35 million in December 2022.
“In response to recent media speculation Bigtincan confirms that, since that announcement, it has received a confidential, non-binding, incomplete and indicative offer from Siris Capital Group, LLC at an indicative offer price of $0.80 per share,” says Bigtincan, which appointed Morgan Stanley Australia in January to manage ‘inbound inquiries and expressions of interest regarding potential control transactions’.
“Bigtincan’s independent board committee (“IBC”) does not consider it to be in the best interests of shareholders to progress that Siris Proposal at this time.
“Bigtincan has received other confidential approaches since that announcement.”
Detail about these ‘other confidential approaches’ was not provided by Bigtincan, but the company says its IBC will address these ‘carefully’.
“The IBC will, with the assistance of its financial and legal advisers, continue to carefully consider any proposals that maximise shareholder value and continue to ensure it remains in compliance with its confidentiality and continuous disclosure obligations,” Bigtincan says.
“There is no certainty that any such proposals will lead to a transaction.”
Bigtincan is yet to reject or accept the initial SQN proposal announced last December, and the last mention of the deal was made six days after the bid was unveiled when BTH said the suitor was yet to ‘prove funds prior to engaging further’.
Since raising $35 million in December 2022, Bigtincan announced the completion of its acquisition of SalesDirector.AI for US$1.2 million.
That deal was to extend the company’s ‘lead in AI-driven revenue intelligence’ by linking people, activity and engagement across a buyer’s journey to derive insights.
Shares in BTH are up 14 per cent to $0.57 per share - 23 cents less than the takeover offer from Siris Capital Partners.
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