A $754m bid from buyout giant Thoma Bravo for Australian aerial imaging specialist Nearmap has sent the company’s shares soaring following three years of steady decline.
Thoma Bravo’s A$2.10 per share offer is an 83% premium to Nearmap’s closing price of A$1.15 on July 5 this year, the day prior to the initial receipt of the proposal.
Nearmap said the granting of exclusivity to Thoma Bravo followed the receipt of a number of other non-binding expressions of interest for Nearmap, none of which were considered by the board to be in the best interests of shareholders.
Thoma Bravo is currently in the market raising its fifteenth flagship fund, and has collected a $100m commitment from PennSERS and up to $150m from the Texas County & District Retirement System. The firm closed its $17.8bn-Fund XIV vehicle in 2020.
Read more: AltAssets
