SYDNEY– Software provider Hansen Technologies Ltd. said it intends to recommend that shareholders accept a takeover offer from private-equity firm BGH Capital Pty Ltd. that values its equity at 1.3 billion Australian dollars (US$1.01 billion).
Hansen, which supplies energy, water and other industries with software, said BGH is offering A$6.50 a share in cash, representing a 25% premium to its closing share price on Friday.
It has agreed to give BGH six weeks to carry out due diligence on an exclusive basis, and said Chief Executive Andrew Hansen has agreed to work only with BGH to implement the proposal.
“The board has considered the proposal having regard to the prospects for the company and in the context of maximizing value for Hansen shareholders,” Hansen said in a regulatory filing. “It has determined that progressing the proposal is in the interests of all shareholders.”