Bigtincan shares surge on improved Vector Capital offer
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The news: Bigtincan shares surged on the ASX after Vector Capital Management submitted an improved proposal to take the sales platform private.
The numbers: Bigtincan shares rose 33.3% to 16 cents by 1:35pm AEST.
The proposal by US technology investor Vector Capital includes an offer price of 20 cents per share for the Syney-based sales software provider.
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 context: Bigtincan, which launched in 2011 before opening its global headquarters in Boston, said its board will evaluate the revised proposal with input from external advisors, including in relation to the value and sources of funding prior to engaging with Vector.
What they said: Vector's proposal said: "Having reviewed the publicly available FY2024 year-end financial results and now having identified lenders willing and able to provide Vector with the necessary debt financing, Vector has received investment committee approval to, and would be prepared to, consummate a take-private transaction for [Bigtincan] at an increase price of $0.20 per share".
"Our offer is unconditional, does not have a financing contingency and is subject only to legal due diligence and entering into binding long form documents," it said.
The source: ASX announcement
