Sydney (Reuters) – Australia’s Aconex Ltd (ACX.AX) said on Monday it had received a A$1.56 billion ($1.2 billion), or A$7.80 in cash-per-share, buyout offer from U.S. software major Oracle Corp (ORCL.N), sending the target’s share price up 45 percent.
Aconex said in a statement its directors unanimously recommended the offer, with shareholders of the cloud-based project management company scheduled to vote on the bid at a scheme meeting in March next year.
The Australian company specializes in web-based project management software that allows input from different teams. Its technology has been used on global projects including the Panama Canal extension.
Aconex, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal’s equity value as a break-up fee under certain conditions which it did not specify.
Oracle said in a statement that the transaction was expected to close in the first half of 2018.
The proposed transaction was one of two major U.S.-Australian technology deals unveiled on Monday, with Australian data centre provider Metronode receiving a A$1.04 billion ($791.2 million) bid from U.S. company Equinix Inc(EQIX.O).
($1 = 1.3074 Australian dollars)
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