Autodesk, Inc. (NasdaqGS:ADSK) made a non-binding, indicative and unsolicited proposal to acquire Altium Limited (ASX:ALU) for AUD 5.1 billion on June 6, 2021. Autodesk will acquire 100% of Altium shares at AUD 38.50 per share to be implemented by way of a scheme of arrangement. Autodesk intends to finance the transaction using cash on hand and debt financing. The proposal is subject to Autodesk performing satisfactory due diligence as well as other conditions, including the unanimous support of the Altium Board, agreement between Autodesk and Altium and execution of a scheme implementation agreement incorporating customary terms and conditions for a transaction of this nature, Altium shareholder and court approval, receipt of all applicable regulatory approvals and no material adverse change to Altium.

Autodesk, Inc. (NasdaqGS:ADSK) cancelled the acquisition of Altium Limited (ASX:ALU) on June 7, 2021. Altium considers that the proposal significantly undervalues Altium's prospects and therefore rejects the proposal at the current price. Goldman Sachs acted as financial adviser and King & Wood Mallesons acted as legal advisor to Altium. Morgan Stanley acted as advisor to Autodesk.