(Reuters) – Australia’s Nitro Software Ltd said on Friday that suitor Potentia Capital has sought access to its books in a bid to potentially increase its proposal to outmatch a rival offer made by KKR Inc’s Alludo.
The software provider earlier this week determined that the near A$500 million ($335 million) offer from Alludo, of A$2.00 per share, to be superior to the takeover offer made by Potentia.
Major shareholder Potentia is now seeking access to Nitro’s due diligence information to “meet or exceed” Alludo’s offer, stating that the tech-focused private equity firm may also consider offering stocks to Nitro shareholders as part of the deal.
“The current Potentia takeover offer of A$1.80 cash per share is not affected by the revised Potentia proposal and remains open for acceptance by Nitro shareholders,” Nitro said.
The company said its board continues to recommend shareholders reject the current Potentia offer in place.
(Reporting by Roushni Nair in Bengaluru; Editing by Shailesh Kuber)
