NCR Infomedia
Published on June 24th 2022 in

Solera makes $443 million bid for Australia’s Infomedia

Infomedia Ltd has announced that it has received an offer from Solera Holdings LLC to acquire 100% of Infomedia for a price of AU$1.70 per share payable in cash that values the company at AU$638.8 million ($443 million).

Founded in 1987, Infomedia supplies solutions to the parts and service sector of the automotive industry including online parts selling systems, service quoting, data insights, e-commerce, as well as data analysis and information research.

According to Infomedia, Solera’s non-binding indicative proposal is subject to a number of conditions including:

  • completion of due diligence.
  • final approvals from Solera’s board of directors.
  • finalisation of financing arrangements
  • entry into a Scheme Implementation Deed with customary deal conditions.
  • receipt of all necessary regulatory and court approvals, including FIRB approval.
  • unanimous recommendation of the transaction by the Infomedia board and subsequent shareholder approval.

The announcement of Solera’s offer follows previous announcements of proposals from a consortium comprising TA Associates and Viburnum Funds and another from Battery Ventures to acquire 100% of Infomedia for $1.70 per share and $1.75 per share respectively.

The Infomedia Board said it has carefully considered the three proposals received from TA Consortium, Battery and Solera, including feedback from the company’s shareholders and advice from Infomedia’s financial and legal advisers.

According to the company: “The Infomedia board has formed the view that it is in the interests of Infomedia’s shareholders to engage further with TA Consortium, Battery and Solera in relation to their respective proposals. Accordingly, the Board has determined to grant due diligence access to the three parties. The provision of such information to the TA Consortium will be subject to the execution of a confidentiality agreement on terms consistent with those in place with Battery and Solera. The board will continue to act in the best interests of all Infomedia shareholders. Accordingly, the board will consider any further proposals that support this objective and continues to hold on-going discussions with other interested parties in this regard.”

This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out the website at: www.collisionweek.com.

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