Altium rejects $5 billion bid by US tech giant Autodesk
ASX-listed software maker Altium has knocked back a $5 billion takeover offer from US design technology heavyweight Autodesk, but has left the door open to a higher offer.
Altium’s board said on Monday it had received a non-binding, indicative and unsolicited proposal from Autodesk offering $38.50 per share via a scheme of arrangement. It said the offer evolved from a dialogue about a strategic partnership with the $US62 billion Autodesk, which is known for its computer-aided design software AutoCAD.
“The Altium board appreciates the interest expressed by Autodesk … however, it considers that the proposal significantly undervalues Altium’s prospects and therefore rejects the proposal at the current price,” the company said in a statement to the ASX.
The last three words did not go unnoticed by analysts and investors.
“The company, to me, has said they are open to exploring a bid,” said TMS Capital’s Ben Clark. “It’s obviously got to be improved.”