Ideagen Revises Acquisition Offer for Damstra Holdings

Damstra Holdings Limited (ASX: DTC) provides an update on ongoing discussions with Ideagen Limited regarding a potential acquisition. After due diligence, Ideagen has revised its offer to $0.24 per share, representing a 140% premium to Damstra's undisturbed share price on October 24, 2023. The offer is subject to finalizing due diligence and a scheme implementation deed (SID).

Damstra's independent committee intends to recommend the Revised Proposal to shareholders if negotiations on acceptable terms proceed. The Revised Proposal is currently non-binding and conditional, with no certainty of a binding transaction. Damstra emphasizes that shareholders need not take action at this time, and the company will continue to provide updates as per disclosure obligations. Jefferies Australia and Gilbert + Tobin have been appointed as financial and legal advisers, respectively.

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