Solera Holdings joins bidding war for Australia’s Infomedia with $443 mln bid, Auto News, ET Auto

Australian automotive software program agency Infomedia Ltd stated on Monday it obtained a A$638.8 million ($443.01 million) non-binding acquisition proposal from U.S.-based software program firm Solera Holdings LLC, after receiving two bids final month.

Solera, which offers threat administration software program and companies to the automotive trade, supplied to purchase Infomedia at A$1.70 per share in money, decrease than Battery Ventures’ A$1.75 per share supply and at par with TA Associates-led consortium’s bid.

Infomedia first obtained a takeover proposal by a consortium led by U.S. personal fairness agency TA Associates in Might, which was later topped by Battery Ventures’ A$657.6 million supply.

Infomedia has determined to have interaction additional with TA Consortium, Battery and Solera on their respective proposals and has decided to grant due diligence entry to all three events, the corporate stated in an announcement.

TA Associates and Battery Ventures didn’t instantly reply to a Reuters’ request for remark.