Street Talk

IntelliHR’s M&A ping pong match ends with whopper 280pc premium

Sarah Thompson, Kanika Sood and Emma Rapaport

Apr 5, 2023 – 5.34pm

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With the focus on Liontown Resources and other big-ticket M&A action this week, one spectacular bidding war has played out under the radar and came to a head on Wednesday morning after one party pulled the pin.

That was IntelliHR, the little-known human resources platform, which had sat on the ASX at about 6.3¢ per share until the Accel-KKR-owned Humanforce lobbed a 11c¢ per share bid for the company. That was already a 75 per cent premium on the last close.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.