BTH
Bigtincan Holdings Limited
ASX
Rejection of NBIO
Sentiment:
Offer Rejection Announcement
19 June 2024 7:45 PM
Bigtincan Holdings Limited has rejected a revised non-binding indicative offer from Vector Capital Management at $0.19 per share, deeming it insufficient.
Worse than expected
The company rejected the offer from Vector Capital Management, indicating that the offer was below what the company believes it is worth.
Summary
- Bigtincan Holdings Limited (Bigtincan) received a revised confidential, non-binding, incomplete and indicative offer (NBIO) from Vector Capital Management, L.P. (Vector).
- The indicative offer price was $0.19 per share.
- The Board of Bigtincan evaluated the revised proposal and, after consultation, rejected it.
- The Board views the indicative offer price as insufficient to engage with Vector any further.
- There is no certainty any control transaction will eventuate.
- Bigtincan remains committed to executing its strategic plan and maximizing shareholder value.
- The company's Registered Office and Principal Place of Business has changed to Level 9-122, 64 York Street, Sydney, NSW, 2000, Australia.
Sentiment
Score: 4
Explanation: The sentiment is neutral to slightly negative. The rejection of the offer could be seen as positive if the company believes it's undervalued, but it also introduces uncertainty about future transactions.
Positives
- Bigtincan is committed to executing its strategic plan and maximizing shareholder value.
Negatives
- The Board views the indicative offer price as insufficient to engage with Vector any further.
Risks
- There is no certainty any control transaction will eventuate.
Future Outlook
Bigtincan remains committed to executing its strategic plan and maximizing shareholder value.
Management Comments
- The Board of Bigtincan views the indicative offer price as insufficient to engage with Vector any further and has formally rejected the revised offer NBIO.
Industry Context
This announcement reflects ongoing interest in the software and technology sector, where companies like Bigtincan are potential acquisition targets. The rejection of the offer suggests the board believes the company's intrinsic value is higher than the offered price.
Stakeholder Impact
- Shareholders: The rejection of the offer could lead to uncertainty in the short term, but potentially higher value in the long term if the company's strategic plan succeeds.
- Employees: The rejection maintains the status quo, with continued focus on the existing strategic plan.
- Customers: No immediate impact.
- Suppliers: No immediate impact.
- Creditors: No immediate impact.
Key Dates
- None found.
Keywords
Bigtincan, Vector Capital, Offer, Rejection, Shareholder Value, NBIO
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.
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.
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.
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
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
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
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.