TELUS International (Cda) Inc. (NYSE:TIXT) made an unsolicited, conditional and non-binding indicative proposal to acquire Appen Limited (ASX:APX) for AUD 1.2 billion on May 26, 2022. The proposal will be implemented by way of a scheme of arrangement. The offer price is AUD 9.50 cash per share. The acquisition is subject to several conditions including completion of due diligence, Telus finalizing its financing arrangements, the Appen board unanimously recommending the proposal, the parties entering into a mutually acceptable scheme implementation agreement, which would also be subject to a number of conditions including regulatory and third-party approvals. The board is in discussions with Telus to seek an improvement in the terms of the indicative proposal. The board intends to consider any revised proposal from Telus in an orderly manner and in the best interests of all Appen shareholders. The Appen board has carefully considered the proposal, including obtaining advice from its financial advisers, Barrenjoey Capital Partners and Atlas Technology Group and its legal adviser, Allens.

TELUS International (Cda) Inc. (NYSE:TIXT) cancelled the unsolicited, conditional and non-binding indicative proposal to acquire Appen Limited (ASX:APX) on May 26, 2022.