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Highlights
- K1 Investment Management, LLC has agreed to acquire all of the issued shares in ELMO.
- ELMO provides cloud-based HCM solutions.
- Shares of Elmo jumped 40.30% on ASX, trading at AU$4.63 each today (26 October) at 3.31 PM AEDT.
Through an ASX filing, Elmo Software Limited (ASX:ELO) announced on Wednesday that K1 Investment Management, LLC has agreed to acquire all of the issued shares in ELMO by a recommended scheme of arrangement.
On the back of the news, shares of Elmo jumped 40.30% on ASX, trading at AU$4.63 each today (26 October) at 3.31 PM AEDT.
Meanwhile, the overall ASX market was also trading in the green today. At 3.33 PM AEDT, the ASX 200 index was up 0.25% at 6,815.60 points.
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Data Source- Company announcement dated 26 October 2022
JLAB Investments Pty Ltd and the Garber Family Trust, two of ELMO's largest shareholders, who collectively hold or control 23.4% of the company's outstanding ordinary shares as of the date of this announcement, have declared their intention to vote all ELMO shares they own or control.
More about deal
ELMO, which provides cloud-based HCM solutions, has entered into a scheme implementation deed (SID) with Manhattan Bondi HoldCo, Inc, a fully owned subsidiary of funds advised by K1.
It is proposed that K1 will purchase 100% of the shares of ELMO for AU$4.85 in cash per share through a scheme of arrangement. ELMO shareholders will be entitled to receive AU$4.85 per share in cash under the terms of the Scheme.
