The Australian Government Takeovers Panel has received an application from Technology Growth Capital LLC, a special purpose vehicle managed by Potentia Capital Management Pty Ltd (Potentia) in relation to the affairs of Nitro Software Limited (ASX: NTO) (Nitro).
Potentia has made a competing control proposal with Cascade Parent Limited1 (Alludo) in the forms of an off-market takeover bid and a scheme of arrangement, both at $2.00 cash per share.
Potentia has submitted that Nitro's failure to run a competitive process to secure the best outcome for Nitro shareholders is contrary to the principles set out in s602, and seeks orders to the effect that Nitro and Alludo withdraw the Alludo Bid and/or Scheme and provide due diligence access to Potentia.