Altium Ltd (ALU) Rebuffs Autodesk Offer

Altium Ltd (ALU AU), a global software company, confirmed and subsequently rejected a non-binding proposal from Autodesk Inc (ADSK US).

The A$38.50/share cash offer by way of a Scheme, was a 41.5% premium to last close and a 47.4% premium to the one-month VWAP.

The indicative proposal was subject to a number of conditions including due diligence, Altium board support, the receipt of all applicable regulatory approvals, and no material adverse changes.

Concerning the offer, Altium said:

[Altium] considers the Proposal significantly undervalues Altium's prospects and therefore rejects the Proposal at the current price. Altium has a unique position in the electronics ecosystem and in the past unsolicited acquisition interest has developed from partnership dialogues with others in the ecosystem.

Shares closed today at $36.78, up more than 35%.

More below the fold.