SAN FRANCISCO, June 6, 2021 /PRNewswire/ -- Autodesk, Inc.
(NASDAQ: ADSK) today confirmed that it has submitted a non-binding
proposal to acquire all the outstanding shares of common stock of
Altium Limited (ASX: ALU) for AUD$38.50, to be implemented by way
of a scheme of arrangement.
Altium is a global software company headquartered in
San Diego, California and publicly
traded on the Australian Securities Exchange. The company develops
software used by printed circuit board (PCB) designers and
electrical engineers at organizations around the world to deliver
connected, intelligent products.
The proposed combination would advance Autodesk's strategy to
converge design and make through a unified design, engineering and
manufacturing cloud platform that enables greater productivity and
sustainability for its customers. Autodesk believes Altium's
solutions would be complementary to its portfolio, creating unique
opportunities for customers while delivering significant, certain
and immediate value to Altium's shareholders. The proposal
represents a 41.5% premium over Altium's closing price of AUD$27.21
on June 4, 2021, one business day
prior to the announcement by Altium of Autodesk's proposal and a
premium of over 47.4% to the one-month volume-weighted average
price. Autodesk intends to finance the transaction using cash on
hand and debt financing.
The proposal is indicative, non-binding and subject to a number
of conditions including, but not limited to, satisfactory
completion of due diligence, unanimous recommendation in favor of
the transaction by the Altium board, agreement between Autodesk and
Altium and execution of a scheme implementation agreement
incorporating customary terms and conditions for a transaction of
this nature, Altium shareholder and court approval, receipt of all
applicable regulatory approvals and no material adverse change to
Altium.
There is no certainty that any transaction will ultimately be
agreed to or as to the terms on which such a transaction, if any,
might occur. Autodesk does not intend to make any additional
comments on this matter unless and until it believes it is
appropriate to do so or a definitive agreement has been
reached.
Safe Harbor Statement
This press release contains
"forward-looking statements" that involve risks and uncertainties
regarding the proposed acquisition of Altium Limited and expected
benefits of the proposed acquisition. There is no certainty that
any transaction with Altium will ultimately be agreed to or as to
the terms on which such a transaction, if any, might
occur. Additionally, Autodesk's financing plans for such
transaction, if any, may change based on credit markets and other
factors. Further information on potential factors that could affect
the financial results of Autodesk are included in Autodesk's Form
10-K and subsequent Forms 10-Q, which are on file with the U.S.
Securities and Exchange Commission. Autodesk disclaims any
obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the
date on which they were made.
About Autodesk
Autodesk makes software for people who
make things. If you've ever driven a high-performance car, admired
a towering skyscraper, used a smartphone, or watched a great film,
chances are you've experienced what millions of Autodesk customers
are doing with our software. Autodesk gives you the power to make
anything. For more information visit autodesk.com or follow
@autodesk.
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SOURCE Autodesk, Inc.