Overview of Altium's Acquisition Approval

Altium Limited (ASX: $ALU) has received approval from the Supreme Court of New South Wales for its proposed acquisition by Renesas Electronics NSW Pty Ltd, an indirect wholly owned subsidiary of Renesas Electronics Corporation (TSE: 6723). The Court has made orders approving the acquisition by way of a scheme of arrangement. Altium expects the scheme to become legally effective upon lodging an office copy of the Court orders with the Australian Securities and Investments Commission, with the quotation of its shares on the ASX to be suspended from close of trading tomorrow. Shareholders who own shares at the record date will receive A$68.50 for each Altium share held by them under the Scheme, with the implementation expected to occur on 1 August 2024.

Executive Commentary on Acquisition Approval

The approval of the acquisition by the Supreme Court of New South Wales marks a significant milestone for Altium. We believe that joining forces with Renesas Electronics will provide enhanced opportunities for innovation and collaboration, allowing us to continue delivering cutting-edge electronic design systems. This decision aligns with our commitment to creating connected products while maintaining our focus on timely and cost-effective solutions.

Summary of Altium's Acquisition Approval and Outlook

Altium Limited (ASX: $ALU) has successfully obtained approval from the Supreme Court of New South Wales for its acquisition by Renesas Electronics. The scheme of arrangement is expected to become legally effective upon lodging the necessary documents with the Australian Securities and Investments Commission. Shareholders are set to receive A$68.50 for each Altium share held by them under the Scheme, with the implementation anticipated to take place on 1 August 2024. Altium aims to continue its mission of fostering innovation and collaboration through this acquisition, further solidifying its position in the electronic design systems industry.