Australia's ReadyTech Rejects Topicus.com's $177.5M Proposal -- Update

Dow Jones

Jun 01

By Stuart Condie

SYDNEY--Australian software provider ReadyTech rejected a takeover proposal from Topicus.com, saying the Dutch technology company's US$177.5 million approach was too low.

Topicus said Monday that it made an all-cash proposal of 2.00 Australian dollars, equivalent to US$1.44, per share for ReadyTech, which sells software to customers in education, workforce management and government.

The proposal was made following feedback from ReadyTech's board on a A$1.75-a-share off-market indicative offer that it submitted late Friday.

The initial proposal was subject to acceptance by shareholders representing a minimum 50.1% holding, said Topicus, which is listed on Toronto's Venture Exchange.

On Monday, ASX-listed ReadyTech said the premium implied by the approach was insufficient. The company told shareholders to take no action.

"The ReadyTech Board has determined to reject the proposal on the basis that it does not reflect the inherent value of ReadyTech in a change of control context," ReadyTech said.

Trade in ReadyTech shares was paused ahead of Monday's open, with the stock at A$1.34. The stock is down 45% so far in 2026.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

May 31, 2026 21:13 ET (01:13 GMT)

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The company told shareholders to take no action. \n\n\n  \"The ReadyTech Board has determined to reject the proposal on the basis that it does not reflect the inherent value of ReadyTech in a change of control context,\" ReadyTech said. \n\n\n  Trade in ReadyTech shares was paused ahead of Monday's open, with the stock at A$1.34. The stock is down 45% so far in 2026. \n\n\n \n\n\n  Write to Stuart Condie at stuart.condie@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 31, 2026 21:13 ET (01:13 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}