![]() ![]() ![]() “In the listed space, unlike with private companies where you can’t force or coerce them to do a deal, you can be more aggressive. “What we’re thinking now is that they’ll either have to go completely hostile, or lean heavily on having the support of a major shareholder, or acquire a big pre-bid stake that could stymie rival bidders,” he said. In the listed space, Mr Bendet said PE funds had been relying too heavily on having the support of the target company in 2022, when boards were often underwhelmed. In the private market, Swoop Aero turned down a $100 million takeover offer.Īrnold Bloch Leibler senior associate Ari Bendet, said M&A appetite remained strong, with private equity funds having plenty of dry powder, but deal tactics would have to change in 2023, in both the listed and private markets. Tyro and Nitro are also still dancing with their suitors, seven-odd months after initial bids were lobbed. In 20, Altium, Hansen, Appen, EML Payments, Iress and ReadyTech were subject to failed approaches, while an expected bid for Infomedia never materialised. However, for all the deals that were completed, there are just as many that fell through. Pemba Capital Partners director Mark Bryan says tech company valuations are starting to become more reasonable. There has been a boom in tech takeover offers in the last year, in both private and public markets, with deals including Thoma Bravo purchasing Nearmap for more than $1 billion, MRI Software acquiring PropTech Group for $93 million, Pemba Capital swooping on MSL Solutions and Instaclustr being snapped up by NASDAQ-listed company NetApp. Private equity funds will be forced to resort to hostile tactics, or look for non-monetary ways to get tech merger and acquisition deals across the line, leading dealmakers say, noting there is now a valuation mismatch between company founders and would-be buyers in the market. ![]()
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