Solera Holdings joins bidding war for Australia’s Infomedia with $443 mln bid, Auto News, ET Auto
Australian automotive software firm Infomedia Ltd said on Monday it received a A$638.8 million ($443.01 million) non-binding acquisition proposal from U.S.-based software company Solera Holdings LLC, after receiving two bids last month.
Solera, which provides risk management software and services to the automotive industry, offered to buy Infomedia at A$1.70 per share in cash, lower than Battery Ventures’ A$1.75 per share offer and at par with TA Associates-led consortium’s bid.
Infomedia first received a takeover proposal by a consortium led by U.S. private equity firm TA Associates in May, which was later topped by Battery Ventures’ A$657.6 million offer.
Infomedia has decided to engage further with TA Consortium, Battery and Solera on their respective proposals and has determined to grant due diligence access to all three parties, the company said in a statement.
TA Associates and Battery Ventures did not immediately respond to a Reuters’ request for comment.
Australian automotive software firm Infomedia Ltd said on Monday it received a A$638.8 million ($443.01 million) non-binding acquisition proposal from U.S.-based software company Solera Holdings LLC, after receiving two bids last month.
Solera, which provides risk management software and services to the automotive industry, offered to buy Infomedia at A$1.70 per share in cash, lower than Battery Ventures’ A$1.75 per share offer and at par with TA Associates-led consortium’s bid.
Infomedia first received a takeover proposal by a consortium led by U.S. private equity firm TA Associates in May, which was later topped by Battery Ventures’ A$657.6 million offer.
Infomedia has decided to engage further with TA Consortium, Battery and Solera on their respective proposals and has determined to grant due diligence access to all three parties, the company said in a statement.
TA Associates and Battery Ventures did not immediately respond to a Reuters’ request for comment.
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