MedAdvisor in trading halt after flagging takeover bid
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More news: Shares in MedAdvisor have entered a trading halt after the pharmacy software company's shares rocketed Wednesday morning on news of an acquisition proposal.
MedAdvisor announced before market open it had received an offer from an unnamed "prominent multinational listed software business" that was materially higher in value than its current share price.
Shares then added 30% before trading was paused late morning, pending an announcement to the market.
MedAdvisor shares surge on takeover bid
More news: MedAdvisor shares soared in early trading after it announced a takeover bid from unnamed company that was materially higher in value than its current share price.
Its shares had surged 35% to 14 cents by 10:34am AEST.
MedAdvisor receives takeover offer
The news: Small cap MedAdvisor Solutions has received an acquisition proposal from an unnamed "prominent multinational listed software business".
The numbers: The pharmacy software company said the proposed offer was materially higher in value than MedAdvisor's current share price. It last closed at 10 cents and over the last 12 months has lost 68.75%.
The context: MedAdvisor said the non-binding letter of intent was in the best interest of shareholders and is now in a period of exclusivity to conduct due diligence.
It noted that significant preliminary work had already been undertaken by both parties and it expects a five to seven week timeframe for the execution of a binding sale and purchase agreement.
In November 2024, the company undertook a review of its strategic options to bridge the valuation gap between the market capitalisation of the company and the board’s perceived fair value of its ANZ and US business units.
What they said: MedAdvisor chief executive Rick Ratliff said: “We are also very pleased that our process has identified a potential acquirer that intends to continue to grow and invest in the business for the benefit of pharmacies across Australia”.
