Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

• The board of Iress Ltd (IRE AU), a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone.

• The article said that Blackstone was reportedly back in talks for a bid “that could be worth between $11 and $12 per share“. Iress’ share price promptly popped 8% yesterday.

• Iress is still very much in play as it “continues to engage with multiple parties“.

The Trade:

• There is, as yet, no firm Offer.

• And Iress’ metrics are mostly full.

• Yet, Iress is very much a target (Blackstone, Bain, Thomo Bravo are just some possible suitors).

• Four years ago, one PE outfit had a good look under the hood - then walked.

• But that indicative price was ~75% higher than where shares currently trade.

• I’d be inclined to pick up shares here, and on weakness.