Australian Fintech Iress Snubs $2.2B Takeover Bid From EQT

By Benjamin Horney (July 29, 2021, 12:59 PM EDT) -- Iress Ltd. said Thursday that it rejected two unsolicited takeover offers from Swiss private equity firm EQT for being too low, with the most recent bid valuing the Australian financial technology company at about AU$2.96 billion ($2.18 billion).

The latest bid, lobbed on July 4, saw funds affiliated with EQT Fund Management Sarl offering to acquire Iress at a range of between AU$15.30 and AU$15.50 per share in cash, according to a statement from Iress. That followed a prior proposal from EQT on June 18 that sought to buy Iress for AU$14.80 per share. Both offers were rejected as too low...

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