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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Aconex Ltd    ACX   AU000000ACX1

ACONEX LTD (ACX)
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Oracle Corp to buy Australia's Aconex for $1.19 billion

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12/18/2017 | 02:07am CEST
A sign marks a building housing Oracle offices in Burlington

Sydney (Reuters) - Australia's Aconex Ltd (>> Aconex Ltd) said on Monday it had received a A$1.56 billion ($1.2 billion), or A$7.80 in cash-per-share, buyout offer from U.S. software major Oracle Corp (>> Oracle Corporation), sending the target's share price up 45 percent.

Sydney (Reuters) - Australia's Aconex Ltd (>> Aconex Ltd) said on Monday it had received a A$1.56 billion ($1.2 billion), or A$7.80 in cash-per-share, buyout offer from U.S. software major Oracle Corp (>> Oracle Corporation), sending the target's share price up 45 percent.

Aconex said in a statement its directors unanimously recommended the offer, with shareholders of the cloud-based project management company scheduled to vote on the bid at a scheme meeting in March next year.

The Australian company specializes in web-based project management software that allows input from different teams. Its technology has been used on global projects including the Panama Canal extension.

"Oracle's offer of A$7.80 per share represents a significant premium and a high degree of certainty of value to shareholders through the cash offer and limited conditionality," Aconex Chairman Adam Lewis said in a statement.

Aconex founders Leigh Jasper and Rob Phillpot, who both have holdings of just over 5 percent, declined interview requests on Monday.

The company has experienced massive share price fluctuations since listing in 2014 at A$1.90, and peaking at just above A$8.50 last year.

The share price rose 45 percent immediately after trading resumed on Monday to just below the A$7.80 cash-per-share offer.

Aconex, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal's equity value as a break-up fee under certain conditions which it did not specify.

Oracle said in a statement that the transaction was expected to close in the first half of 2018.

The proposed transaction was one of two major U.S.-Australian technology deals unveiled on Monday, with Australian data centre provider Metronode receiving a A$1.04 billion ($791.2 million) bid from U.S. company Equinix Inc (>> Equinix Inc).

($1 = 1.3074 Australian dollars)

(Reporting by Jonathan Barrett in SYDNEY. Additional reporting by Aaron Saldanha in Bengaluru, Editing by Stephen Coates)

By Jonathan Barrett

Stocks treated in this article : Oracle Corporation, Aconex Ltd, Equinix Inc
Stocks mentioned in the article
ChangeLast1st jan.
EQUINIX INC -0.81% 406.06 Delayed Quote.-10.41%
ORACLE CORPORATION -1.26% 46.23 Delayed Quote.-0.97%
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Chart ACONEX LTD
Duration : Period :
Aconex Ltd Technical Analysis Chart | ACX | AU000000ACX1 | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus
Number of Analysts
Average target price -
Spread / Average Target -100%
EPS Revisions
Managers
NameTitle
Leigh Matthew Jasper Chief Executive Officer
Paul Perrett Chief Operating Officer
Paul Koppelman Chief Financial Officer
Tim Olshansky Chief Technology Officer
Brian S. Higgins Co-Secretary & Director
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