Update will be released Aug 26th results according to the AFR
Electronic parts catalogues group Infomedia’s auction’s stuck in a bit of traffic, with the bid date pushed back closer towards the company’s August 26 results date.It is understood Infomedia’s suitors were told not to worry about the initial August 5 deadline, with delays on both sides of the deal making it unrealistic.Infomedia sells software to the global automotive industry. Instead, the timetable’s moved to mid to late August bids, with Infomedia’s annual results the logical time for a material update. The stock closed at $1.54 on Thursday, shy of the $1.70 a share indicative bids.Infomedia has Credit Suisse’s bankers running the auction, taking both TA Associates/Viburnum and trade player Solera Holdings through second stage due diligence over the past four weeks. Management meetings were in mid-July.Both parties are in the data room with indicative bids at the $1.70 mark, but TA/Viburnum also has a 14.46 per cent pre-bid stake which arguably gives it the upper hand.
IFM Price at posting:
$1.49 Sentiment: Buy Disclosure: Held
