Sydney-listed Altium spurned a $3.9 bln takeover bid from larger U.S. peer Autodesk. It’s an odd response given recent struggles and the chunky 42% premium on offer. The maths doesn’t compute for the suitor either: jgfarb
Software developer Altium on June 7 rejected a A$5.1 billion takeover proposal from U.S. peer Autodesk, saying it significantly undervalued the company.
Autodesk, which makes design software, offered A$38.50 a share, a 41.5% premium to Altium’s undisturbed price. The two companies had originally been discussing a strategic partnership, said Altium, which added that it had hired Goldman Sachs to advise it.A man types on a computer keyboard in this illustration picture February 28, 2013.
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