Bigtincan accepts Vector Capital's offer

Bigtincan Holdings (ASX:BTH) has announced a shift in acquisition plans. The board has recommended a proposal from Vector Capital Management, L.P. This comes after Investcorp AI Acquisition Corp. did not submit a counterproposal to Vector's revised offer. Bigtincan has ended its agreement with IAAC and entered a new scheme with Big Wombat Pty Ltd, associated with Vector. Vector Bidco will acquire all ordinary shares of Bigtincan at 22 cents per share, pending conditions.

Conclusion on Bigtincan's acquisition decision

Bigtincan Holdings has opted for a new acquisition approach, recommending Vector Capital's proposal over a previous agreement with IAAC. The decision was made due to IAAC's lack of a counteroffer. Bigtincan has signed a new scheme implementation deed with Vector's associated entity, Big Wombat Pty Ltd. Shareholders are advised to support this proposal, which offers 22 cents per share, subject to conditions. The transaction's success hinges on shareholder and court approvals and the absence of significant adverse changes. No break fee is due to IAAC after agreement termination. Vector Capital, managing over $4 billion, emphasizes transformative investments in technology, potentially influencing Bigtincan's future operations and market strategy. Shareholder meetings to finalize the proposal are anticipated in March 2025.

Executive commentary on Vector Capital's proposal

The Board of Bigtincan has thoroughly assessed the Vector Proposal and believes it represents the best available outcome for shareholders and option holders in the absence of a superior proposal.