Bigtincan shares gain on improved Vector Capital offer
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More news: Bigtincan shares advanced on the ASX after the sales software company backed a revised takeover bid by US technology investor Vector Capital.
Bigtincan shares were up 8.6% to 19 cents by 2:50pm AEDT, having risen nearly 15% over the last 12 months.
Bigtincan board backs new Vector Capital bid over Investcorp
The news: Sales software provider Bigtincan has backed a revised takeover bid by US technology investor Vector Capital, determining it as superior to the latest offer by rival suitor Investcorp AI Acquisition Corp.
The numbers: ASX-listed Bigtincan confirmed that it has received a revised proposal from Vector Capital to acquire all of its shares for a cash consideration of 22 cents per share.
The offer is an improvement on Vector Capital's previous offer of 20 cents per share, tabled in September.
The context: Bigtincan's board said it views Vector Capital's proposal as superior to Investcorp's offer as it "is reasonably capable of being valued and completed within a reasonable timeframe in accordance with its terms" and would "be reasonably likely to result in a transaction more favourable to [Bigtincan] shareholders" than Investcorp's bid.
Under the terms of its scheme implementation deed with Bigtincan, Investcorp has until 2 December to table a counter proposal.
Last month, Bigtincan agreed to a business combination agreement with US-based Investcorp, paving the way for a possible listing on the Nasdaq.
Earlier this year, Vector made a bid to acquire Bigtincan for 25 cents per share, before withdrawing the offer a few days later. It then saw a lower bid of 19 cents per share rejected, with Bigtincan calling the offer price "insufficient".
The source: ASX announcement
