December 8, 2022
Australia's Nitro Software said it would not allow its largest shareholder and suitor Potentia Capital access to its books without making a superior bid that could trump an offer made by KKR's Alludo. The software provider earlier this week determined the near $500 million offer from Alludo, of $2.00 per share, to be superior to…

Australia’s Nitro Software said it would not allow its largest shareholder and suitor Potentia Capital access to its books without making a superior bid that could trump an offer made by KKR’s Alludo.

The software provider earlier this week determined the near $500 million offer from Alludo, of $2.00 per share, to be superior to the $1.80 takeover offer made by Potentia.

In a letter to the ASX, Potentia, which holds 19.8 percent of Nitro, said it wanted to carry out due diligence on potentially increasing its offer.

Potentia did not table a higher offer but said it hoped it could “meet or exceed” Alludo’s bid after examining Nitro’s accounts.

It said it could offer Nitro shareholders shares in a public company that would form part of its bidding group, without identifying the firm.

Nitro said Potentia had been offered an opportunity for due diligence in October alongside other parties like Alludo.

“Potentia declined to sign up to a non-disclosure agreement, which contained customary terms that were agreed to by other interested third parties,” Nitro said.

Source