Japanese company makes $349m bid for ASG

Acquisition receives support from ASG board

The board of ASG has backed behind a takeover offer from Japanese-based consulting company NRI, the ASX-listed IT services company announced today.

The Tokyo Stock Exchange-listed NRI is offering $1.63 per ASG share, valuing the acquisition at approximately $349 million.

An independent board committee established by ASG unanimously backed NRI’s offer, which in addition to shareholder support and court approval would need to be signed off by the Foreign Investment Review Board. An independent expert will also assess the proposal.

“This is a compelling offer that gives ASG shareholders the opportunity to realise immediate value for their investment, in the absence of a superior proposal and subject to an independent expert opining that the proposal is in the best interests of ASG’s shareholders,” ASG’s chairperson, Ian Campbell, said in a statement.

“Balancing all factors, including the inherent risks and volatility in commercial markets, we believe based on current circumstances outlined in this announcement that shareholders should support the proposal and vote in favour of the scheme.”

ASG shareholders are expected to vote on the deal in mid-December.

“We look forward to bringing our expanded technology capability and experience to ASG’s customers, enhancing the range of technology products and services provided to them so customers can run their businesses more efficiently and profitably,” said NRI CEO Shingo Konomoto

“In addition, we believe that under NRI’s ownership, ASG can continue to grow as a major competitive force in the Australian market. NRI also holds strong ambitions of taking ASG’s ‘New World’ service offering into new international markets.”

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