Hansen Technologies on Monday received a conditional and non-binding buyout proposal from private equity firm BGH Capital in a deal that values the billing solutions provider at A$1.3 billion ($1 billion), sending its shares to a record high.

BGH’s offer of A$6.50 in cash per share represents a premium of 25.5% to the company’s last closing price. Hansen’s board backed the pitch and said it had granted the private equity firm exclusivity for six weeks and due diligence access.

The company said Chief Executive Officer Andrew Hansen had separately struck a deal with BGH to vote his 17.5% stake in favour of a formal bid from the private equity firm during the exclusivity period.

Read more/Source: Reuters