Australia’s Nitro Software said on Friday an A$526.9 million ($371.78 million) takeover offer by KKR Inc-backed Alludo did not get the requisite 75% vote from its shareholders, after which Alludo made an off-market offer.

Around 68% of Nitro shareholders voted in favour of the scheme, falling short of the required 75% to carry the A$2.15 cash per share deal forward, Nitro said in a statement.

The rejection of Alludo’s offer comes after the software company earlier dismissed a rival bid by private equity firm and top shareholder Potentia Capital in December.

KKR’s Alludo launched an off market takeover bid of Nitro, where investors can pledge their stock directly to the buyer, at the same offer price, Alludo said in a statement.

This would require a minimum 50.1% acceptance from shareholders.

Alludo and Potentia Capital have been vying for Nitro since late last year, as high inflation, weak consumer demand and the Ukraine crisis slammed technology stocks in particular, setting them up as buyout targets.

Nitro shares, which declined 54% in the first eight months last year, have soared nearly 90% since it received its first buyout offer by Potentia on August 30.

Potentia, which currently owns a 19.3% stake in the company, did not respond immediately to a Reuters requests for comment.

Nitro continued to unanimously recommends its shareholders to accept the offer, in the absence of a superior proposal, the company said.


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