Why are Nitro Software’s (ASX:NTO) shares on trading halt today?

October 28, 2022 12:57 PM AEDT | By Khushboo Joshi

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Why are Nitro Software’s (ASX:NTO) shares on trading halt today? — Image source: © Joykid9940 | Megapixl.com

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Highlights

Potentia Capital today announced that it intends to buy Nitro Software.

The offer price stands at AU$1.80 per Nitro share.

Potentia already controls 19.8% of Nitro.

Nitro Software Limited (ASX:NTO) on 28 October 2022 announced that Potentia Capital Management Pty Ltd has presented an off-market takeover offer for Nitro Software. The offer price stands at AU$1.80 per Nitro share.

Potentia is an Australian specialist private equity investor focused on technology and tech-enabled businesses while Nitro Software, headquartered in San Francisco, US, offers comprehensive business solutions like PDF productivity, eSigning as well as analytics solutions.

Meanwhile, Nitro Software’s shares were put on trading halt today. They last traded at a share price of AU$1.730 apiece on the ASX.

As per today’s announcement, Potentia today has shared that it intends to buy Nitro via an off-market takeover bid through Technology Growth Capital LLC. The ‘final’ offer price is quoted at AU$1.80 per Nitro Share. Potentia stated that this is the final offer price until a more attractive offer evolves or until Potentia is provided with access to full customary legal and financial due diligence analysis of the business and assets of Nitro.

It should be noted that Potentia already owns 19.8% of Nitro’s shares.

As per Potentia, the final offer price of AU$1.80 apiece was a 59.3% premium to the undistributed share price of Nitro.

Other key pointers from Potentia’s offer:

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