What was the takeover proposal made to ReadyTech (ASX:RDY)?

Total Specific Solutions made an unsolicited, non-binding indicative proposal to acquire 100% of ReadyTech (ASX:RDY). The offer featured a complex, dual-structured approach: a scheme of arrangement at $2.00 cash per share, running alongside a parallel off-market takeover bid at $1.75 cash per share with a 50.1% minimum acceptance condition.

Why did the ReadyTech (ASX:RDY) board reject the takeover bid?

The ReadyTech (ASX:RDY) board firmly rejected the proposal because the financial terms failed to reflect the inherent value of the company in a change-of-control context. Additionally, the board concluded that the dual-track deal, as it was presented by Total Specific Solutions, would not be executable.

How does the Total Specific Solutions offer price compare to the ReadyTech (ASX:RDY) market price?

The proposed scheme of arrangement price of $2.00 per share and the alternative off-market bid of $1.75 per share both represent a premium to the market. At the time of reporting, ReadyTech’s (ASX:RDY) share price was trading at $1.54.

What should ReadyTech (ASX:RDY) shareholders do following the rejected takeover bid?

ReadyTech (ASX:RDY) leadership has explicitly advised shareholders that they do not need to take any action regarding the rejected offer at this stage. The board has already made its decision to decline the proposal, meaning the current status quo remains unchanged for retail investors.

Who is advising ReadyTech (ASX:RDY) through this takeover process?

ReadyTech (ASX:RDY) has appointed corporate advisory firm Jefferies Australia to act as its financial advisor. Jefferies Australia will guide the company's leadership and board as they navigate the corporate response to this unsolicited market interest.

What are the short-term trading implications for ReadyTech (ASX:RDY) shares?

Because the acquisition prices ($1.75 to $2.00) sit above the last reported trading price of $1.54, the news may create upward pressure or a "takeover premium" floor for the stock. However, since the board has already rejected the offer as unexecutable, any short-term price movement will likely driven by speculation over whether a higher, valid bid emerges.

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ReadyTech rejects unsolicited Total Specific Solutions bid

Written by Mahathir BayenaPublished Jun. 1 2026Last Updated Jun. 1 2026

Software provider ReadyTech (ASX:RDY) knocked back an unsolicited takeover bid from Total Specific Solutions, labelling the offer as unexecutable and one that fundamentally undervalues the company.

ReadyTech responded to initial media speculation published in The Australian Financial Review by confirming it had received an unsolicited, non-binding indicative proposal to acquire 100% of the business.

The complex, dual-structured offer proposed a scheme of arrangement for a cash consideration of $2.00 per share.

The offer included an alternative off-market takeover bid with a 50.1% minimum acceptance condition, priced at a lower cash consideration of $1.75 per share.

The ReadyTech board firmly rejected the dual-track proposal. In a statement, the board determined that the financial terms failed to reflect the inherent value of ReadyTech in a change-of-control context and concluded that the deal, as presented, would not be executable.

At this stage, ReadyTech leadership has advised shareholders that they do not need to take any action regarding the rejected offer.

The company has engaged corporate advisory firm Jefferies Australia to guide them as their financial advisor through the process.

At the time of reporting, ReadyTech’s share price was $1.54.