Nearmap (ASX:NEA) closes over 5% higher on Monday, here’s why

2 min read | August 22, 2022 07:11 PM AEST | By Sonal Goyal

Nearmap (ASX:NEA) closes over 5% higher on Monday, here’s why — Image source: © Ammit | Megapixl.com

What update has been shared by Nearmap?

Nearmap has shared an update on the takeover offer it received on 15 August 2022 from Thomas Bravo L.P. According to the today’s release, the offer, which values Nearmap at AU$1.055 billion, has been unanimously approved by the board of the aerial imaging and mapping company to its shareholders.

Reportedly, the board was engaged in a robust review process prior to and after receiving the proposal from Thomas Bravo, along with its financial and legal advisors. The review process included an assessment of the strategic plan of Nearmap as an independent organisation and other alternatives.

What was Thomas Bravo takeover bid?

Image source: © Gajus | Megapixl.com

Thomas Bravo proposed to acquire 100% shares of Nearmap for AU$2.10 cash per share via a scheme of arrangement. The bid represents an equity value of around AU$1,055 million for Nearmap.

The cash consideration is a 39% premium to the Nearmap’s closing price on 12 August 2022 (the last trading day before the proposal was presented – AU$1.51 per share.)

Thomas Bravo is a software investment firm having US$114 billion AUM (asset under management). The company is engaged in investing in innovative and growth-oriented firms.

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