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SAI Global Limited (ASX:SAI) has announced its chief has been dropped while also revealing it is considering a takeover offer.
Pacific Equity Partners has launched an unsolicited, conditional takeover bid for the company which values it at about $1.1 billion.
The standards and risk management group says it has not formed a view on the proposal but is open to engaging with its suitor to investigate the possibility.
SAI Global has also announced it will immediately terminate the employment of current chief executive Stephen Porges.
The decision was made due to fundamental differences of opinion between Mr Porges and the board in relation to the company’s business improvement objectives.
Non-executive, independent chairman, Andrew Dutton had been appointed executive chairman effective immediately until a suitable replacement is appointed.
SAI Global reported a net profit of $18.2 million in the first half of the 2014 financial year.
News: SAI drops CEO & reveals $1.1B takeover bid
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