Australia's Infomedia ceases talks on $410 mln buyout proposals

Credit: REUTERS/Daniel Munoz

Adds details on proposal

Oct 3 (Reuters) - Australia's Infomedia Ltd IFM.AX ended negotiations with Solera Holdings LLC and the TA Consortium regarding their A$638.8 million ($409.92 million) takeover proposals, the automotive software firm said on Monday.

A consortium led by U.S. private equity firm TA Associates in May offered to buy Infomedia for A$1.70 per share in cash, which was matched by Texas-based Solera in June.

Infomedia had said previously that in the absence of a binding offer, access to their books will end on Sept. 30. Infomedia has been engaged in due diligence with the two suitors since June.

"No binding proposal has been received from either party, and as such, Infomedia confirms that it has today closed the virtual data room to Solera and the TA Consortium," the company said in a statement.

Both, Solera and the TA Consortium did not immediately respond to a Reuters request for comment.

The Australian company had attracted three buyout bids since mid-May, including Battery Ventures' A$1.75-per-share offer. Battery Ventures later backed out in July due to unknown reasons.

Infomedia said that while it remains open to proposals for a buyout, its priority was to execute the strategy outlined in its full year results in August.

($1 = 1.5584 Australian dollars)

(Reporting by Harish Sridharan in Bengaluru; Editing by Sandra Maler and Diane Craft)

((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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