In a statement to the Australian Securities Exchange this morning, Bravura announced it had yesterday received an “indicative, non-binding, conditional proposal” from Ironbridge Capital to acquire all the outstanding shares and options in the company.
Under the proposal Ironbridge would offer $0.28 cash per Bravura share, less the amount of any dividend declared by Bravura prior to implementation of the scheme proposal.
Bravura said it previously received an initial unsolicited, non-binding and conditional proposal from Ironbridge on 6 May.
According to Bravura the $0.28 per share offer represents a premium of 65 per cent to the company’s closing price on 27 June of $0.17.
Bravura said it had agreed to offer Ironbridge a period of exclusivity until midnight on 17 July, but there is no certainty the transaction will proceed.
InvestorDaily understands that Ironbridge already has a 60 per cent share in Bravura and the proposal is to acquire the remainder.
