:Australia's Nitro Software Ltd said on Thursday that private equity firm Potentia Capital raised its takeover offer for the software maker to A$532.3 million (about $364 million), trumping a rival offer by KKR Inc-backed Alludo.Potentia and Alludo have been involved in a bidding war for Nitro since last Octo
:Australia's Nitro Software Ltd said on Thursday that private equity firm Potentia Capital raised its takeover offer for the software maker to A$532.3 million , trumping a rival offer by KKR Inc-backed Alludo.
Potentia and Alludo have been involved in a bidding war for Nitro since last October, as high inflation and weak consumer demand have made technology firms potential buyout targets. In the latest salvo, Potentia, which has a 19.31 per cent stake in Nitro, offered A$2.17-per-share, trumping Alludo's offer of A$2.15, which Nitro shareholders rejected a few weeks back.
Potentia's latest offer was superior to Alludo's, Nitro's board said, despite it being at the lower end of the A$2.20- to A$2.30-per-share bid that had been signaled earlier.Potentia's offer is conditional on Nitro's board unanimously recommending its shareholders accept the latest offer, in the absence of a superior proposal.
If the offer is declared unconditional, Nitro shareholders that accept the current bid will receive any subsequent increase in the offer price to A$2.20 or A$2.25, Potentia said.
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