Nitro Software stated that its board has recommended the Alludo takeover offer to be superior to the earlier A$1.8 ($1.22) cash per share bid from Potentia Capital Management
Nitro Software enters into a binding legal agreement with Alludo. (Credit: Gerd Altmann from Pixabay)
Australia-based PDF software provider Nitro Software has entered into an agreement with Cascade Parent (trading as Alludo) to be acquired by the latter in a deal worth A$500m ($335m).
As per the terms of the binding legal agreement, Alludo will pay shareholders of the Australian Securities Exchange (ASX) listed Nitro Software’s A$2 ($1.35) per share in cash.
Nitro Software stated that its board has recommended the Alludo offer to be superior to the A$1.8 ($1.22) cash per share bid offered recently by Potentia Capital Management.
Last month, the PDF software provider was offered the A$2 ($1.35) bid from Alludo.
Nitro Software chairman Kurt Johnson said: “Nitro is pleased to have reached a binding agreement with Alludo at a price that delivers shareholders material value over the Potentia Offer.
“Through our engagement with the Alludo team in recent weeks it has become clear that both organisations share common values and a commitment to excellence in product development and customer service. With complementary software offerings and customer bases, we see real opportunities for collaboration and growth.”
Alludo (formerly Corel) provides virtualisation, productivity, and graphic solutions for digital remote workforces. The Canada-based firm’s portfolio of software solutions includes Parallels, CorelDRAW, MindManager, and WinZip, which are said to complement Nitro’s Software’s offerings.
Alludo CEO Christa Quarles said: “Nitro has developed a complementary product offering to Alludo’s portfolio and we believe Alludo is the natural home for Nitro.
“We look forward to working with Nitro’s Board of Directors and management team to ensure their shareholders are able to realise the significant and immediate value of the proposed transaction and to accelerate the next stage of Nitro’s growth.”