July 7 (Reuters) - Australian automotive software firm Infomedia Ltd (IFM) said on Thursday top bidder Battery Ventures would no longer conduct due diligence process on its A$657.6 million ($466.76 million) non-indicate offer for the company.
Infomedia, which has attracted three buyout bids since mid-May including Battery Ventures' A$1.75 per share offer, said it got reconfirmations from the other bidders: TA Consortium and Solera Holdings LLC, regarding the key terms of their offer.
The Sydney-based software firm did not disclose the reason for Battery Ventures backing out of the process, nor was it clear if the firm had withdrawn its offer.
Battery Ventures did not immediately respond to a Reuters request for clarification.
Remaining in the race now are a consortium led by U.S. private equity TA Associates, which has offered Infomedia A$1.70 per share in cash - valuing it at A$638.8 million. This offer was matched by Texas-based Solera in June.
Infomedia has granted TA Consortium and Solera access to further information for confirmatory due diligence and will continue to engage with them for a final proposal, it said.
News: IFM Australia's Infomedia top bidder backs out of due diligence process
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$1.69 |
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Mkt cap ! $637.6M | |||
| Open | High | Low | Value | Volume |
| $1.69 | $1.69 | $1.69 | $10.38M | 6.160M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 41595 | $1.69 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.69 | 117446 | 13 |
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