ASX-listed software company Bigtincan Holdings has announced that it has withdrawn its offer to acquire Australian-born Microsoft ISV partner LiveTiles.
The company claims it has “very limited involvement” from LiveTiles and has not been granted access to due diligence, ultimately deciding to withdraw its $0.07 per share offer. .
“While Bigtincan continues to believe that the combination of LiveTiles and Bigtincan is an attractive opportunity for shareholders of both companies, given LiveTiles’ recent developments and lack of real involvement to date, Bigtincan has decided against its proposal. has decided to withdraw, ”the announcement read. .
LiveTiles disputed this claim, saying it provided access to due diligence to “provide an opportunity to provide more offers that better reflect LiveTiles’ values.” The company alleged that Bigtincan refused to sign a non-disclosure agreement containing terms designed to protect LiveTiles’ intellectual property and interests.
“Based on this, LiveTiles was unable to work properly with Bigtincan. [non-binding indicative offer]’ read LiveTiles’ announcement.
LiveTiles will work with Atlas Technology Group, a U.S.-based advisory firm, to “explore strategic opportunities” and “evaluate opportunities to maximize shareholder value,” adding that other companies that have expressed interest in the company will It added that it had held preliminary discussions with officials.
In Bigtincan’s announcement, the company said the proposal is “subject to a number of conditions, including the completion of sufficient due diligence, reasonable access to management, and no material changes to LiveTiles’ assets or prospects.” I’m here.
The company noted that LiveTiles acquired My Net Zero on October 18th.
Bigtincan made several personnel changes during this period, including the departure of LiveTiles co-founder, chief experience officer and executive director Peter Nguyen-Brown and non-executive chairman and board member Marc Stigter on October 27. He added that there were also changes.
In addition, shareholder Regal Funds Management hopes to hold a shareholder meeting to remove Jesse Todd, Vanessa Ferguson and Kevin Young from the company’s board of directors and appoint Mike Ryan and Peter George as independent non-executive directors. ‘s LiveTiles announcement was also mentioned.
Bigtincan’s proposal to acquire LiveTiles was approved in early October after responding to the Australian Financial Review’s Street Talk column. Bigtincan said it offered to acquire the company for $0.07 per share through an unsolicited suggestive, non-binding offer.
Also based in the US but with roots in Australia, Bigtincan specializes in sales enablement software solutions such as content management, training, coaching and buyer interaction.
LiveTiles develops intranet and digital workplace software built on Microsoft technology. Founded in 2012, the company was spun off from nSynergy, an Office 365, Azure and SharePoint consulting firm. The consultancy firm was sold to Rhipe in 2015, and LiveTiles was listed on the ASX the same year following a reverse acquisition with Western Australian mining company Modun Resources.
