Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

• Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction.

• EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked.

• Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.

What's New?

Iress’ Board of Directors confirm that it had considered a prior approach at a price of A$10.50 cash per share from Blackstone in relation to a potential acquisition.

That offer was withdrawn.

Iress is currently in the early stages of engagement with Blackstone and Thoma Bravo in order to ascertain whether an offer can be made which can be recommended by the Iress Board.

Source: ASX announcement

• That indicative Offer price from Blackstone would have been adjusted by any dividends or distributions declared or paid by Iress after the date of the proposal.

• You're up to date.

• Both Blackstone and Thoma Bravo were rumoured to be kicking Iress' tyres last year,.