Thursday 8th November 2018
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Texas software investor ESW Holdings has improved its final offer for Kiwi e-commerce software seller SLI Systems.
ESW has confirmed a price of 65 cents, or $41.4 million, for SLI’s shares. That is 3 percent more than the minimum price the company indicated on Oct. 23.
The shares last traded at 57 cents.
Austin-based ESW has also raised its offer for most of the 74 tranches of options Christchurch-based SLI has issued since 2006. The final prices range from from 3 cents to 40 cents, up from 3 cents to 34 cents initially.
ESW buys and grows software companies, targeting firms with an enterprise value of between US$10 million and US$250 million. It indicated an interest in buying SLI in July and was granted permission to carry out due diligence in August.
Its offer was roughly twice the market price last month. It already has acceptances for about 51 percent of the business, including the interests of co-founders Shaun and Grant Ryan, Pie Funds Management and Milford Funds Management.
If successful, ESW plans to delist SLI and expand the business by building on its existing retail relationships. If it doesn't reach the 90 percent threshold to enforce the remaining shareholders to sell, it may waive that condition and instead stack the board with its representatives.
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