ReadyTech (ASX:RDY) rejected the unsolicited, non-binding indicative proposal from Total Specific Solutions to acquire the company through a scheme of arrangement for a AU$2 per share cash consideration, according to a Monday filing with the Australian bourse.
The proposal is parallel to an off-market bid with a 50.1% minimum acceptance condition as a cash consideration of $1.75 per share, the filing said.
The proposal does not reflect the company's inherent value in a change of control context, and in any event would not be executable, per the filing.
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