Australian environmental technology company Envirosuite (ASX: EVS) has received an indicative takeover proposal from British software specialist Ideagen for a cash consideration of $0.10 per share.
The non-binding and conditional takeover offer represents a premium of 133% to Envirosuite’s most recent closing price of $0.043 per share and a premium of 120% to the one-month volume-weighted average price of $0.045.
Ideagen specialises in providing innovative solutions to enhance governance, health and safety, risk management and compliance practices for organisations across various industries.
Best interests
While certain aspects of the proposal are still to be clarified, Envirosuite’s board of directors has considered it to be in the best interests of shareholders and has agreed to engage further with Ideagen.
“The board will assess the merits of the indicative proposal relative to other value-maximising strategies for shareholders,” the company said.
“Shareholders should not take any action in response to the proposal [and] there is no certainty that it will result in a…
