Bigtincan scraps Investcorp deal, backs Vector Capital offer
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The news: Sales software provider Bigtincan has terminated its business combination agreement with Investcorp AI Acquisition Corp, after the US alternative asset manager failed to match an improved takeover bid by rival suitor Vector Capital.
The numbers: Investcorp had until 2 December to table a fresh proposal, after Bigtincan's board backed a 22-cents-per-share bid by US technology investor Vector Capital late last month.
The context: Bigtincan's board has determined the offer by Vector Capital to be superior to the Investcorp proposal. The company had previously agreed to a business combination agreement with Investcorp, paving the way for a possible listing on the Nasdaq.
Bigtincan has now terminated its scheme implementation deed (SID) with Investcorp and entered into separate a SID with Vector Capital-associated entity Big Wombat.
Bigtincan's directors have unanimously recommended that the company's shareholders vote in favour of the Vector Capital proposal. Each of the directors intend to vote in favour of the deal.
The source: ASX announcement
