BTH
Bigtincan Holdings Limited
ASX
No Investcorp Counter Proposal Received
Sentiment:
Acquisition Update
2 December 2024 5:48 PM
Bigtincan Holdings Limited (BTH) received no counter-proposal from Investcorp AI Acquisition Corp. following a matching period, leaving the company to consider next steps regarding the proposed transaction and a revised offer from Vector Capital Management.
Delay expected
The lack of a counter-proposal from Investcorp will likely delay the completion of any transaction, requiring Bigtincan to consider alternative options.
Worse than expected
The lack of a counter-proposal from Investcorp is worse than expected, as it indicates a potential failure to secure a deal on favorable terms and increases uncertainty regarding the future of the company.
Summary
- Bigtincan Holdings Limited (BTH) announced that it did not receive a counter-proposal from Investcorp AI Acquisition Corp. (IAAC) by the deadline of December 2nd, 2024.
- The deadline was related to a previous offer from IAAC for a potential transaction.
- BTH's board is now evaluating the next steps, considering a revised proposal from Vector Capital Management, also announced on November 25th, 2024.
- Shareholders will receive an update in the future.
Sentiment
Score: 4
Explanation: The announcement reveals a negative development with the failure to secure a counter-proposal. While the company is exploring alternatives, the uncertainty surrounding the future creates a cautious outlook.
Negatives
- No counter-proposal was received from Investcorp, potentially delaying or derailing the proposed transaction.
Risks
- Uncertainty regarding the future of the IAAC transaction.
- Potential for further delays in reaching a definitive agreement.
Future Outlook
Bigtincan's board is evaluating next steps regarding the IAAC transaction and the revised proposal from Vector Capital Management. Shareholders will be updated in due course.
Industry Context
This announcement highlights the competitive landscape of mergers and acquisitions in the technology sector. The lack of a counter-proposal from Investcorp suggests potential challenges in securing a favorable deal for Bigtincan, leading them to consider alternative options.
Next Steps
- Bigtincan's board is working through the next steps regarding the IAAC Transaction.
- Bigtincan shareholders will be updated in due course.
Key Dates
- November 25, 2024: Bigtincan Holdings Limited provided notice to Investcorp, triggering a matching period and Vector Capital Management's revised proposal was announced.
- December 2, 2024: IAAC's matching period expired, and no counter-proposal was received.
- December 3, 2024: Bigtincan Holdings Limited released the announcement to the ASX.
Keywords
Bigtincan Holdings Limited, Investcorp, Vector Capital Management, Merger, Acquisition, ASX, BTH, Counter Proposal, Matching Period
BTH
Bigtincan Holdings Limited
ASX
Sector: Software & Services
Filings with Classifications
Worse than expected
24 February 2025 6:06 PM
Half Year Results
- The net loss after tax for the six months ended 31 December 2024 was $64m, including a goodwill impairment of $54m related to the proposed Vector transaction.
Better than expected
4 December 2024 5:59 PM
Acquisition Recommendation
- The Vector proposal is considered superior to the previous IAAC deal, resulting in a better outcome for Bigtincan shareholders.
Worse than expected
2 December 2024 5:48 PM
Acquisition Update
- The lack of a counter-proposal from Investcorp is worse than expected, as it indicates a potential failure to secure a deal on favorable terms and increases uncertainty regarding the future of the company.
Delay expected
2 December 2024 5:48 PM
Acquisition Update
- The lack of a counter-proposal from Investcorp will likely delay the completion of any transaction, requiring Bigtincan to consider alternative options.
Better than expected
28 November 2024 5:00 PM
Annual Report
- Bigtincan's FY24 EBITDA of $11.3 million significantly exceeded expectations given the previous year's loss and the challenging macroeconomic conditions.
Worse than expected
24 November 2024 6:19 PM
Acquisition Proposal
- The initial expectation was that the Investcorp deal would proceed, but the emergence of a superior offer from Vector Capital suggests that the initial deal was not the most favorable option for shareholders.
Capital raise
30 October 2024 2:02 AM
Notice of Annual General Meeting
- Resolution 9 seeks shareholder approval to increase the company's equity securities issuance capacity by 10%, potentially allowing for future capital raises to fund growth initiatives.
Capital raise
20 October 2024 6:32 PM
Merger Proposal
- Bigtincan Limited intends to raise up to US$25 million from institutional investors in a PIPE transaction.
- Bigtincan Limited intends to raise up to US$25 million in debt financing.
Capital raise
20 October 2024 6:27 PM
Merger Announcement
- Up to US$25 million (~A$37.3 million) will be raised from institutional investors in a PIPE transaction.
- Up to US$25 million in debt finance will be sought to support the transaction.
Capital raise
1 October 2024 7:51 PM
Business Combination Proposal
- Investcorp plans to invest US$12.5 million in Newco.
- An additional US$25 million in debt and equity funding is being sought from institutional investors to partially fund the cash election opportunity.
Worse than expected
19 June 2024 7:45 PM
Offer Rejection Announcement
- The company rejected the offer from Vector Capital Management, indicating that the offer was below what the company believes it is worth.
Capital raise
17 June 2024 10:33 PM
Capital Raising Announcement
- Bigtincan is undertaking a fully underwritten 1 for 3 accelerated pro-rata non-renounceable entitlement offer.
Capital raise
10 June 2024 7:55 PM
Corporate and Business Update
- Bigtincan is conducting a fully underwritten 1 for 3 accelerated pro rata non-renounceable entitlement offer at an offer price of $0.10 per share to raise A$20.5m.
- The proceeds of the Equity Raising will be used to fund investments in core AI technology, data infrastructure related to provisioning of GeneiAI technology, market awareness and development, working capital and transaction costs.
Capital raise
10 June 2024 7:55 PM
Equity Raising Presentation
- Bigtincan is raising $20.5m to fund investments in core AI technology, data infrastructure related to provisioning of GeneiAI technology, market awareness and development and working capital.
Capital raise
7 June 2024 3:35 AM
Trading Halt Request
- Bigtincan Holdings Limited is conducting an equity raising.
- The equity raising involves both institutional and retail components.
Better than expected
10 April 2024 7:50 PM
Business Update
- The company achieved record Q3 FY24 results for EBITDA, EBITDA margin, and Free Cash Flow, indicating better than expected financial performance.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.