Shares in Aconex (ACX.AU) surged 44% in Monday trading after the Australian cloud-based project management company accepted a AUD1.6 billion buyout offer from Calififornia-based software giant Oracle (ORCL).
Aconex said in s stock exchange filing its board had unanimously recommended the AUD7.80 per share all-cash offer. The offer price represents a 47% premium to Friday's closing price of AUD5.29 a share and also represents a more than 4x return on its 2014 IPO price of AUD1.90 per share. The deal is subject to shareholder approval at a meeting expected to be held in late March 2018.
The Chairman of Aconex, Adam Lewis said, "Oracle's offer of AUD7.80 per share represents a significant premium and a high degree of certainty of value to shareholders through the cash offer and limited conditionality"
Aconex co-founder and chief executive officer, Leigh Jasper said:
"The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography. "As Co-Founders of Aconex, both Rob Phillpot and I remain committed to the business and are excited about the opportunity to advance our collective vision on a larger scale, and the benefits this combination will deliver to our customers."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
