Pacific Equity Partners offered to acquire, by way of a scheme of arrangement, ReadyTech Holdings Limited from the group of shareholders for approximately AUD 500 million.

Pacific Equity Partners offered to acquire, by way of a scheme of arrangement, ReadyTech Holdings Limited (ASX:RDY) from the group of shareholders for approximately AUD 500 million on November 1, 2022. The offer price per share is AUD 4.5. An Independent Board Committee has been established, comprised of independent nonexecutive directors Tony Faure (Chair), Elizabeth Crouch, Tim Ebbeck and Chief Executive Officer, Marc Washbourne, to consider the Proposal. Shareholders do not need to take any action in relation to the Proposal.

The Proposal is subject to a number of conditions including completion of satisfactory due diligence, negotiation and execution of transaction documentation, obtaining binding commitments from debt financiers, final investment committee approval, shareholders, court, certain regulatory and other approvals and other customary conditions precedent. Jefferies (Australia) Pty Ltd acted as a financial advisor, Corrs Chambers Westgarth acted as a legal advisor to Pacific Equity Partners.