https://ift.tt/HCEigGW
NZX-listed Being AI has alerted customer communications platform provider Solution Dynamics that it is considering making a takeover offer.
Fully-owned subsidiary Being BidCo told Solution Dynamics this morning (12 September) it would be prepared to acquire the company’s shares through either a fully scrip option or a combination of cash and scrip.
Being BidCo said it believed the proposed takeover offer was a “compelling and unique opportunity” for Solution Dynamics shareholders to realise significant value for their investment and gain an opportunity to participate in the growth of Being AI.
Solution Dynamics, also listed on the NZX, went into a trading halt after receiving the proposal, telling its shareholders key parts of the offer were “insufficiently definite” to call for the response requested by the bidder.
Shareholders were further told Solution Dynamics did not see any current requirement or imperative for Being AI to declare an interest in Solution Dynamics.
“Despite this, Being AI has indicated to Solution Dynamics that it intends to advise the market of its ‘interest’ in Solution Dynamics as part of a proposed cleansing statement,” chair John McMahon wrote.
“There can be no certainty that any transaction will eventuate, and Solution Dynamics considers that it is only Being AI’s stated intention to advise the market of its ‘interest in Solution Dynamics’ that calls for a public response.”
A formal announcement, provided with assistance from external advisers, was likely to include an assessment of
whether further engagement with Being AI was in the interests of shareholders, McMahon said.
For their part, Being AI shareholders would have an opportunity to discuss the offer at Being AI’s annual meeting this morning.
Further detail would be provided if a formal takeover notice was provided to Solution Dynamics.
In August, Being AI inked a conditional joint venture arrangement to buy cloud services provider Spectrum Consulting for $6.6 million.