SYDNEY — KKR & Co.-owned Alludo increased its takeover offer for Australia’s Nitro Software Ltd. to head off rival interest in the enterprise software provider.
Nitro said that Alludo had raised its offer price by 7.5% to A$2.15-a-share on condition that Nitro refused to open its books to Potentia Capital Management Pty. Ltd., which last week matched Alludo’s prior A$2.00-a-share valuation but in a differently structured proposal.
The revised Alludo transaction values Nitro’s equity at 526.9 million Australian dollars (US$358.1 million).
Nitro agreed to the condition and said that Alludo’s revised offer was superior and continued to recommend it to shareholders.
Nitro expects shareholders to vote on the scheme in February 2023. Its shares last traded at A$2.13, having almost doubled their value since July.