2 ASX shares with big takeover updates today
a woman drawing image on wall of big fish about to eat a small fish
Two ASX shares released some major takeover updates this morning.
One is rocketing on the news.
The other is sinking.
Which ASX shares are we talking about?
Read on!
ASX share dips on takeover update
Investors first learned of the potential takeover of the company on 25 March. That's when the company reported it had entered into a binding scheme implementation deed with Cyan MMA Holdings to acquire all of its MMA Offshore's shares.
Cyan is owned by Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure. The original offer was for $2.60 cash per share, valuing the company at just over $1.0 billion.
The board unanimously recommended a shareholder vote in favour of the offer.
MMA Offshore chairman Ian Macliver said, "We have been in discussions with Cyan since October 2023, and the board has now reached the required level of confidence to enter into the scheme implementation deed."
The MMA Offshore share price closed up 10.6% on the day of that announcement.
Today, the ASX share is down 1.8% at $2.64 apiece after exiting a two-day trading halt.
This comes despite the company reporting that Cyan has increased its offer by 10 cents to $2.70 a share.
In the absence of a competing proposal, Cyan said this was its best and final offer. Perhaps some punters were hoping for more and are now exiting the stock.
Soaring higher on takeover update
This brings us to the ASX share, which is flying higher after the company updated the market on its own takeover proposal.
Shares in Bigtincan Holdings Ltd (ASX: BTH), which provides AI-powered sales enablement automation platforms, are up a whopping 17.4% at 11.5 cents apiece.
The tech company first announced its potential acquisition on 11 June.
At the time, Bigtincan reported:
Bigtincan has received a confidential, non-binding, incomplete and indicative offer from Vector Capital Management, L.P. at an indicative offer price of $0.25 per share.
The Independent Board Committee will, with the assistance of its financial and legal advisers, continue to carefully consider any proposals that maximise shareholder value and continue to ensure it remains in compliance with its confidentiality and continuous disclosure obligations.
The very next day, the company reported that Vector had formally withdrawn the offer, but "requested ongoing engagement with the company with a view to a new offer that could be submitted based on those engagements".
This followed a dilutive capital raise announced by Bigtincan on the day.
Today, the ASX share reported it had received a new offer from Vector at an indicative offer price of 19 cents per share.
While that's 65% above the current price, the board said it views the offer price as "insufficient to engage with Vector any further".
The board has now formally rejected the revised offer.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bigtincan. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.