PCB design tool developer Altium has rejected a takeover bid worth US$3.9bn.
The bid from software giant Autodesk came from discussions over a strategic partnership. “However, the proposal significantly undervalues Altium’s prospects and [the board] therefore rejects the proposal at the current price,” said the board of directors at Altium.
The Australian company, which started life as Protel, was offered A$38.60 (US$29.88) per share with 131m shares outstanding, valuing the company at A$5bn (US$3.9bn). The company had revenue of US$80m in the six months to February 2021, down 4 percent as a result of the Covid-19 pandemic,
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“Altium has a unique position in the electronics ecosystem and in the past unsolicited acquisition interest has developed from partnership dialogues with others in the ecosystem,” added the board. “[We] will continue to review all potential strategic alternative for the Company.”
Altium sees its move to the cloud and system design rather than just PCBs as key for its growth to 2025, moving from a maintenance-based subscription model to a capability-based software-as-a-service (SaaS) subscription model.
The PCB design tool industry has seen significant upheaval in recent months with new systems from Siemens
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