Iress shares soar on Blackstone, Thoma Bravo acquisition talks
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More news: Iress shares rocketed in early trade after the financial services software provider confirmed that it is engaging with investing giants Blackstone and Thoma Bravo over a possible acquisition of the company.
Shares were up 10.9% to $9.29 at 10:50am AEST, but is still down 7% over the last 12 months. The company said that an earlier bid by Blackstone of $10.50 cash per share was withdrawn.
Iress in talks with Blackstone and Thoma Bravo over potential acquisition
The news: Software provider Iress said it is engaging with US investing giants Blackstone and Thoma Bravo over a potential takeover offer, after Blackstone withdrew an earlier bid valuing the target at $1.96 billion.
The numbers: Iress confirmed that Blackstone, the world's largest alternative asset manager, tabled a bid of $10.50 cash per share before scrapping the offer.
Iress last closed at $8.38 per share.
The context: Iress said it is "currently in the early stages of engagement" with both Blackstone and Thoma Bravo to "ascertain whether an offer can be made which can be recommended by the Iress board".
The company said there is no certainty that any proposal or offer will be made by either party.
The source: ASX
