Rival offer lobs in tussle for local HR software outfit
A second bidder has emerged in the takeover tussle for Brisbane based intelliHR.
The sharemarket is moving steadily towards a 12-month high (file photo)
The company behind a cloud based human resources management system revealed today that a $49 million offer had emerged from The Access Group at 14 cents a share.
That betters the bid from Humanforce at 11 cents a share and was a 122 per cent premium to the closing price of IHR shares on January 30, 2023.
The new bid has conditions including the completion of due dilligence and definitive approval from The Access Group board. Approval would also be needed from the Foreign Investment Review Board.
intelliHR said there was no certainty that the new bid would progress to a binding scheme implementation agreement.
“The intelliHR board is considered the competing proposal from TAG and in particular whether it constitutes a superior proposal under the terms of the Humanforce scheme implementation deed.”
Under that deed, Humanforce has five business days to match the bid.
