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Highlights:
- Nitro Software has entered a process deed with Alludo, a North American software firm.
- Alludo has offered to buy all of Nitro for AU$2.00 per share.
- A few days ago, Nitro was given a takeover offer of AU$1.80 per share by another tech firm Potentia.
Nitro Software Limited (ASX:NTO) today (31 October 2021) provided an update on change-of-control proposals received by the company. Nitro has received a complete buyout offer by the North American software company Alludo.
Post the update, the shares of the company were spotted trading 17.341% higher, at AU$2.030 per share, on the ASX.
Key details of the Alludo takeover bid
- Alludo has made a proposal to acquire 100% of Nitro at A$2.00 cash per share.
- Alludo is the trading name for Cascade Parent Limited.
- The company has suggested that it is ready to proceed with an off-market takeover bid with a 50.1% minimum acceptance condition, offering A$2.00 cash per share.
- Alludo is a North American firm and is 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.
Nitro shared today that it has entered a process deed with Alludo, as per which Nitro has provided a time period of 21 days to Alludo for due diligence and negotiation of definitive agreements.
Nitro said in its ASX announcement that Alludo's offer is a non-binding one and is subject to conditions like completion of confirmatory due diligence on Nitro and its business, a joint recommendation by Nitro’s board of directors, and all the other important internal approvals.
