EQT Fund Management S.à r.l. made a non-binding and indicative proposal to acquire Iress Limited (ASX:IRE) for AUD 3.03 billion on June 18, 2021. EQT will acquire all shares of Iress for AUD 14.8 each. EQT made a revised offer to acquire Iress on July 4, 2021. As per the revised offer EQT will acquire all shares of Iress for a price range between AUD 15.3 and AUD 15.5 for each share in cash. The offer dated June 18, 2021 was rejected by the Board of Iress as it was not considered to be in the best interests of shareholders. As of July 29, 2021, the Board of Iress recommends the shareholders take no action in relation to the proposal by EQT. As on August 10, 2021, a revised implied value of AUD 15.91 cash per share. The Board recommends that Iress shareholders take no action in relation to the Proposal by EQT. Transaction is subject to receipt of necessary regulatory approvals, due diligence and Board approval. Goldman Sachs Australia Pty Ltd acted as financial advisor for Iress Limited. Iress Limited agreed to grant an additional 10 days to complete the due diligence and for an agreement to finalized. Macquarie Capital acted as financial advisor for EQT. King & Wood acted as legal advisor and Gresham Partners Limited acted as financial advisor to Board of Iress Limited. Damien Hazard and Tony Damian from Herbert Smith Freehills served as a legal advisor for EQT. EQT Fund Management S.à r.l. cancelled the acquisition of Iress Limited (ASX:IRE) on September 17, 2021.