Altium Limited (ASX: $ALU) has announced the approval of the convening of a meeting of Altium shareholders to consider and vote on the proposed acquisition of Altium by Renesas Electronics NSW Pty Ltd. Shareholders will receive A$68.50 cash for each Altium Share they hold on the Scheme Record Date reduced by the value of any future approved dividend declared or paid. The Scheme Meeting will be held at 9:00am (Sydney time) on Friday, 12 July 2024 at Level 61, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000.
Altium is in the process of launching a revised version of its 'Flight Path' referred to as the 'Route 66' strategy, aiming to transform the electronics industry value chain through cloud-enablement. Renesas intends to continue Altium's current strategic direction and operations, including actively pursuing growth opportunities available to Altium. The company also plans to reconstitute the Altium Board if the Scheme is implemented.
Altium Limited has released a Scheme Booklet providing details of the Scheme, including the choices available to shareholders, voting procedures, eligibility to vote, and the determination of persons entitled to the Scheme Consideration. The company aims to achieve significant revenue and earnings growth beyond FY26. Renesas intends to continue Altium's strategic direction and operations, actively pursuing growth opportunities. The Scheme Consideration of A$68.50 per share represents a significant premium to Altium's undisturbed trading prices. Shareholders are encouraged to review the Scheme Booklet for further information and consider their individual taxation circumstances.