Iress (ASX:IRE) lifts offer for OneVue

Company News

by Anna Napoli

OneVue Holdings (ASX:OVH) says that Iress (ASX:IRE) has lifted its all-cash takeover bid from 40 cents per share to 43 cents.

It comes on the back of Thorney Investments move to increase its stake in OneVue in what some saw as an attempt to block the Iress takeover.

OneVue says the original offer price of 40 cents per share was unanimously recommended by its board. It was towards the upper end of the independent expert’s valuation range and represented a 67 per cent premium to OneVue’s closing share price on 28 May 2020.

Iress has indicated that the revised consideration of 43 cents cash per share represents Iress’ best and final offer, in the absence of a competing proposal.

OneVue shareholders will vote on the proposal on October 9.

Shares in OneVue Holdings (ASX:OVH) are trading 7.01 per cent higher at 42 cents, while shares in (ASX:IRE) shares are trading 0.94 per cent higher at $9.62.