Autodesk Makes $3.91 Billion Proposal for ASX-Listed Altium -- Update
07 Giugno 2021 - 4:51AM
Dow Jones News
By Stuart Condie
SYDNEY--Autodesk Inc. proposed acquiring Altium Ltd. in a deal
that values the printed circuit board software firm's equity at
about US$3.91 billion.
Nasdaq-listed Autodesk, which specializes in 3D design software,
said its non-binding proposal was worth 38.50 Australian dollars
(US$29.81) per share. ASX-listed Altium rejected the bid as
significantly undervaluing its prospects, but welcomed the interest
and said it would be prepared to engage over what it considered an
appropriate valuation.
The proposal, which Autodesk said would be funded through a
combination of cash and debt, represented a 41% premium to Altium's
equity value based on Friday's closing price of A$27.21 a
share.
Autodesk said combining with its fellow California-based tech
firm would support its strategy of developing a unified design,
engineering and manufacturing cloud platform. The non-binding
proposal is subject to conditions including due diligence, it
said.
The proposal followed talks about a strategic partnership
between the two companies, Altium said.
In the past two months, some analysts have expressed optimism
that Altium can benefit from rebounding global economic growth.
Shares in Altium closed as high as A$42.63 in early February 2020
but lingering worries over the impact of Covid lockdowns on
industry have prevented the stock from recouping all the losses
sustained when the pandemic roiled global markets.
The stock hit a six-month high A$38.26 after the proposal was
announced. It was still up 34% at A$36.44 almost halfway through
the Australian session.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
June 06, 2021 22:44 ET (02:44 GMT)
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