Iress says 'no basis' to media report on Blackstone takeover talks
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The news: Iress has rejected a media report which claimed the financial software provider is in talks with private equity giant Blackstone over a takeover bid valuing the target at "between $2 billion and $2.2 billion".
The context: The group said there is "no basis" to statements made in a report by The Australian on Monday, referencing "potential price and exclusivity terms relating to a potential acquirer of the company".
Iress said it "continues to engage with multiple parties" to determine if a proposal could be recommended by the board.
The company also responded to an ASX price query after its shares jumped around 15% from $9.04 to $10.38 on Monday. It confirmed it was not aware of any information that could explain the share price move, but noted the report by The Australian as a possible explanation.
Iress entered a trading halt late on Monday, telling the exchange it will shortly make an announcement to "manage its continuous disclosure obligations".
In October, Iress announced that it had opened a virtual data room to engage with multiple potential suitors in addition to US investing giants Blackstone and Thoma Bravo whose acquisition interest was confirmed in August.
