Sept 19 (Reuters) - Australian automotive software firm Infomedia Ltd (IFM.AX) said on Monday it had yet to receive a binding proposal from either Solera Holdings LLC or the TA Consortium regarding their A$638.8 million ($443 million) takeover offers.
Shares of Infomedia tumbled 8.8% in early trade after the company said it had not received a binding proposal, including a scheme implementation agreement, acceptable to its board.
A consortium led by U.S. private equity firm TA Associates in May offered to buy Infomedia for A$1.70 per share in cash, which was matched by Texas-based Solera in June.
In the absence of a binding offer, access to Infomedia's books will end on Sept. 30, the company said in a statement. Infomedia has been engaged in due diligence with the two suitors since June.
"The move should provide investors with more clarity by the end of the month to allow management to focus on running the business should no binding bid be offered," analysts at RBC Capital Markets said in a note.
The Australian company had attracted three buyout bids since mid-May, including Battery Ventures' A$1.75-per-share offer. Battery Ventures later backed out in July due to unknown reasons.
TA Associates and Solera did not immediately respond to Reuters' requests for comment.
Infomedia Ltd (ASX:IFM) is a leading global provider of DaaS and SaaS solutions that empowers the data-driven automotive ecosystem. Infomedia’s solutions help OEMs, NSCs, dealerships and 3rd party partners manage the vehicle and customer lifecycle. They are used by over 250,000 industry professionals, across 50 OEM brands and in 186 countries to create a convenient customer journey, drive dealer efficiencies and grow sales.
Infomedia has led innovation in retail automotive technology within global OEMs and their dealer networks for more than 28 years and continues to expand its reach within the three regions in which it operates. We have initiated a number of firsts in the global market, which have now become standard expectations and the minimum cost of entry for independent and in-house technology providers.