Investors on Monday were questioning whether other groups such as Samsung, Ansys or PTC may also try to launch a bid for the $3.6bn computer software company Altium after it rejected a proposal from Autodesk that landed at the weekend.
The offer was at $38.50 per share, but investors believe that any bid needs to be at $40 per share-plus for the group that has drafted in Goldman Sachs as its defence adviser.
Autodesk, advised by Morgan Stanley, has been holding talks with the company’s chief executive Aram Mirkazemi, based in San Diego, and Australian-based chairman Sam Weiss for several months.
Shares on Monday closed at $37.83.
The company, which operates in the area of development and sales of computer software for the design of electronic products, is seen by its investors as highly strategic for a major global mechanical group that wants to enter the computer software electronic product design market.
The buyout proposal comes as investment bankers for now turn their attention away from initial public offerings and towards mergers and acquisition, with the market awash with activity.
On Monday, not-for-profit healthcare provider Calvary lifted its offer for Macquarie Capital-advised Japara Healthcare to $1.20 per share cash from a $1.04 offer that valued the business at $278m, prompting the aged-care provider to offer due diligence to its suitor.
Global software provider Hansen Technologies also announced it had recommended a $1.3bn buyout proposal from BGH Capital, advised by Morgan Stanley.
The initial public offerings of bookmaker BlueBet and 29Metals are expected to see the last of a flurry of floats for a while, with sentiment weakening of late.
29Metals priced its float at $2 per share or a $960m market value, which was the bottom of the range, to ensure support from quality cornerstone investors.
The group will raise about $528m.
Bookmaker BlueBet closed its initial public offering ahead of schedule on Friday due to overwhelming demand as it raises $80m at $1.14 per share.
The company has now locked in more than six cornerstone investors and demand exceeded the supply of shares on offer.
The prospectus will be lodged on Tuesday.
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