Iress (ASX:IRE) knocks back private equity takeover bid

Company News

by Melissa Darmawan

Trading platform provider Iress (ASX:IRE) knocked back an unsolicited takeover bid from private equity firm, EQT as they present to investors their plans to expand in the marketplace.

The $2.4 billion giant has tabled growth strategies to dominate the superannuation and investment infrastructure space in the United Kingdom, providing insights at their Investor Day on what that all means today.

The platform giant is looking to boost the superannuation industry with its administration and technology functions claiming it could reduce costs by up to 50 per cent.

Along with the action pack day, the tech giant also announced a share buy-back of up to $100 million of ordinary fully paid shares to commence after their half-year results in August.

The news comes after the market provider denied speculation around any direct approach after the Australian Financial Review leaked that investment bank Barrenjoey was sniffing around for buyers last month.

Iress chief executive, Andrew Walsh, said “following a comprehensive board-led review that followed the appointment of Roger Sharp as chair-elect in February, it is clear that the opportunity for Iress is greater than previously anticipated and current consensus”.

“We have built solid foundations enabling us to capture more market share in large addressable markets. We are executing our growth strategies including in the United Kingdom, in superannuation and for investment infrastructure. In completing the transition to a single technology platform we will also achieve greater operational leverage and speed to market”.

“Iress is also focused on enhancing earnings per share through capital management and today announced an on-market share buy back of up to $100 million of ordinary fully paid shares.”

Shares in Iress (ASX:IRE) are trading 13.6 per cent higher at $14.21.

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