Iress grants due diligence extension to pursuer EQT
On 11 August 2021, ASX-listed fintech Iress stated it had received a confidential, non-binding and indicative proposal from funds represented by EQT Fund Management to acquire all of Iress’ shares via a scheme of arrangement.
At the time, Iress announced that it had agreed to grant EQT a period of 30 days exclusive access to undertake its due diligence.
Iress has announced that discussions with EQT are progressing and that Iress has agreed to grant an additional 10 days of exclusivity to EQT on the same terms as previously announced to provide further time for EQT to complete its diligence and for an agreement to be finalised.
The Iress Board has stated it will keep shareholders and the market up to date and that the Board recommends that Iress shareholders take no action in relation to the proposal by EQT, as there is no certainty that the proposal will result in a transaction.