Street Talk

Nearmap investors rally to try to block Thoma Bravo

Yolanda Redrup, Sarah Thompson, Kanika Sood and Anthony Macdonald

Sep 27, 2022 – 9.34pm

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San Francisco-based private equity giant Thoma Bravo may have to map out its future a little more, with its play for Nearmap looking less like a done deal.

With no substantial shareholders on the register of the Aussie aerial imaging technology company, you would think the suitor would have an easy time getting its $2.10 per share, $1.1 billion bid approved. But, there is a growing group of long-term investors planning to vote against the scheme, despite its backing from the Nearmap board.

Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com

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. Email Sarah at sarah.thompson@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com