Potential Capital Take Over Nitro Software, Win Against Alludo

Nitro PDF is up for grabs by two investors. (photo: twitter @hmtgm_upnyk)

JAKARTA - Australia's Nitro Software Ltd announced on Thursday 23 that private equity firm Poletia Capital is stepping up their acquisition offer for software makers to USD 532.3 million, beating rival bids backed by KKR Inc, Alludo.

Nitro Software Ltd is a software company headquartered in Melbourne, Australia. The company provides software solutions to manage and edit PDF documents. Nitro Software provides a variety of products such as Nitro Productivity Suite, Nitro Sign, Nitro Analytics, Nitro Admin, and Nitro API.

Nitro Productivity Suite is an all-in-one PDF software solution that includes features such as editing, conversion, and document collaboration PDF. Nitro Sign is a solution to electronically sign documents, Nitro Analytics helps to track and analyze Nitro usage, Nitro Admin is used to manage company settings and licenses, and Nitro API is an application programming interface that allows developers to integrate Nitro into their products.

The company was founded in 2005 and its shares are listed on the Australian stock exchange under the code NTO.

Potentia and Alludo have been involved in a bargaining war for Nitro since October last year, due to high inflation and weak consumer demand, making tech companies a potential acquisition target.

In his latest attack, Potentia, which owns a 19.31% stake in Nitro, offered $ 2.17 per share, beating Alludo's offer of $ 2.15, which Nitro's shareholder rejected a few weeks ago.

According to the Nitro board, Potentia's latest bid was superior to Alludo's offer, although his bid was at the bottom of bids of 2.20 to 2.30 Australian dollars per share previously required.

However, the Nitro board recommended that shareholders not take any action on either offer. Potentia's offer was conditional for the Nitro board to unanimously recommend that shareholders accept the latest offer, in the absence of a better offer.

If the offer is declared unconditional, Nitro's shareholders who accept the current offer will receive an increase in bid prices to 2.20 or 2.25 Australian dollars next.