The Infomedia Limited (ASX: IFM) share price is marching higher, up 4.6%.
Infomedia shares closed yesterday at $1.62 and are currently trading for $1.69.
This comes after the company, a software-as-a-service (SaaS) provider for the automotive industry, reported it has received a new and unsolicited takeover proposal.
Image source: Getty Images
What was reported on the new takeover proposal?
The new "conditional non-binding indicative" proposal comes from Battery Ventures, a United States based, global technology-focused investment firm.
And the Infomedia share price looks to be getting a boost from Battery Ventures' offer of $1.75 per share, payable in cash.
The proposal remains subject to a number of conditions. These include receiving approval from the Board and from Infomedia shareholders, entry into an exclusivity agreement, and of course the customary regulatory approvals.
Battery Ventures reported it can finance the takeover from committed capital within its existing investment funds.
With 375.76 million Infomedia shares outstanding, that's approximately $657.6 million.
Infomedia said it "will consider the Battery Indicative Proposal in the context of its ongoing preliminary discussions with other interested parties, including the TA Associates / Viburnum consortium".
The company first reported on the offer from TA Associates and Viburnum on 16 May, having gone into a trading halt the prior trading day, 13 May.
The offer from the consortium, which values the Infomedia share price at $1.70, came shortly after it became a new substantial shareholder with a 14.5% stake.
The Infomedia share price closed 28.9% higher on the day.
As for the latest proposal, Infomedia said its shareholders don't need to take any action in response at this time.
Infomedia share price snapshot
After sliding for much of 2022, the Infomedia share price is up 6.1% in 2022, buoyed by the series of takeover proposals.
Bu comparison the All Ordinaries Index (ASX: XAO) is down 6.3% year-to-date.
