ASX-listed Altium rejects US$3.9 billion buyout offer from US peer Autodesk Toggle share menu
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07 Jun 2021 11:30AM Share this content
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REUTERS -Australia-listed software maker Altium Ltd on Monday rejected a buyout proposal from American peer Autodesk Inc that valued the company at AUS$5.05 billion (US$3.91 billion), saying it significantly undervalued its prospects.
The U.S. firm, which makes architecture designing software AutoCAD, offered Altium AUS$38.50 for each share, a 41.5per cent premium to its last closing price.
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Altium s shares soared as much as 40.6per cent to mark their biggest intraday gain in more than a decade before pulling back to trade 34.7per cent higher.
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Australia-listed software maker Altium on Monday rejected an “undervalued” buyout proposal from U.S. peer Autodesk Inc but kept the door open for a better offer, helping its shares trade at near six-month highs.
The U.S. firm, which makes architecture designing software AutoCAD, offered Altium A$38.50 for each share, a 41.5% premium to its last closing price, valuing the company at A$5.05 billion ($3.91 billion).
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San Diego, California-based Altium said it “rejects the proposal at the current price,” adding it will engage with interested parties for an appropriate valuation and pursue a “review of all potential strategic alternatives.”