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Highlights
- Nitro backed a near-AU$500 million offer from Alludoin October
- Nitro said it would consider the offer from Potentia without providing additional details
Nitro Software Ltd (ASX:NTO) on Friday said that it would consider private equity company Potentia’s revised takeover offer at AU$2 a share, matching a rival bid from KKR Inc’s Alludo. Nitro, a PDF and e-signature software signing company, backed a near-AU$500 million offer from Alludo in October. Alludo, the trading name for Cascade Parent Ltd, had suggested that it was ready to proceed with an off-market takeover bid with a 50.1% minimum acceptance condition, offering AU$2 cash per share.
Alludo is a North American firm, engaged in providing virtualisation, productivity, and professional-calibre graphic solutions for digital remote workforces. Alludo has a portfolio of software solutions, including Parallels, CorelDRAW, MindManager, and WinZip.
“The Nitro Board, in consultation with its financial and legal advisers, will, in turn, consider the Revised Potentia Takeover Offer and provide a further update to the market and Nitro Shareholders as soon as possible and, in any event, before the market opens on Monday, 12 December 2022,” Nitro said in an ASX statement.
Nitro said it would consider the offer from Potentia, its biggest shareholder with a 19.8% stake, without providing additional details.
“The Nitro Board advises shareholders to TAKE NO ACTION in relation to the Revised Potentia Takeover Offer until they receive further advice from the Nitro Board,” Nitro also said.
Nitro’s share price movement
Nitro’s shares were trading at AU$2.12 each, up 2.91%, or 0.060 points, on the ASX at 10:29 AM (AEST). In the past year, the share price has fallen nearly 24%. On a year-to-date (YTD) basis, the share price of Niro dropped nearly 12%. However, the stock has gained over 3% in the past month.