Australian software company ReadyTech gets $308 million bid from PE firm

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Australia's ReadyTech Holdings said on Tuesday it has received an A$481.4 million ($308.3 million) buyout offer from Pacific Equity Partners (PEP), one of the country's biggest private equity firms.

The A$4.50-per-share proposal, at a near 39% premium to the stock's last close, marks the third play for an Australian technology company since last week, highlighting increasing interest in the sector amid cheap valuations.

ELMO Software last week agreed to a near-A$500 million takeover from Los Angeles-based K1 Investment Management, while Nitro Software on Monday backed a similar offer from KKR Inc's Alludo.

ReadyTech said funds managed by Pemba Capital Partners held 32.01% of its issued shares, and that PEP would seek to obtain the Australian corporate regulator's go-ahead for the company and Pemba to work together on the proposal.

PEP was granted due diligence access and discussions were ongoing, New South Wales-based ReadyTech said, but no arrangement has been reached about the value, structure or terms of any potential deal.