Altium’s takeover receives 99.8pc shareholders approval
Altium’s shareholders have almost universally voted in favour of a $9.1bn takeover deal under which Japan’s Renesas Electronics will pay $68.50 a share.
Shareholders of Australian tech darling Altium have overwhelmingly backed a $9.1bn takeover from Japanese semiconductor provider Renesas Electronics.
A total of 99.81 per cent shareholders voted in favour of the deal on Friday, several months after the offer was first presented in February.
Altium chairman Sam Weiss celebrated the outcome and thanked his fellow board members and Altium staff for their work leading up to the takeover.
“Consistent with the recommendation of the Altium board of directors, our shareholders have acknowledged the value of the Renesas proposal and the underlying endorsement of our strategic direction,” he said.
“The transaction would never have happened without the hard work, dedication and innovative spirit that our people bring to Altium every day.
“Your board is grateful to every Altium employee in every corner of the Altium world for what you have accomplished and shall observe from afar what you shall achieve in the future in combination with Renesas.”
Renesas Electronics will acquire all Altium shares at $68.50 a share, resulting in a $652m payday for chief executive Aram Mirkazemi.
Mr Mirkazemi, who owns about 9.5 million shares in the company, is one of six directors who are set to make a motza from the takeover deal. Mr Weiss is set to receive about $130m from the takeover while Altium president Sergey Kostinsky will receive about $165m.
The takeover arrives after Altium closed a multimillion-dollar, multi-year contract with Renesas Electronics last year.
The company, which began in Hobart 1985, was one of the first to develop tools for printed circuit board designers.
The takeover deal is subject to court approval, with a hearing set to take place on July 18. Altium shares on the ASX will halt trading after market close on July 19.
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