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Australia's Altium rejects $3.9 bln offer from U.S. software firm Autodesk
June 7 (Reuters) - Software maker Altium Ltd
said on Monday it had rejected a formal buyout proposal from American peer Autodesk Inc that valued the company at A$5.05 billion ($3.91 billion).
The U.S. firm that makes AutoCAD software offered A$38.50 for each share of Altium, a 41.5% premium to the stock's last closing price.
Altium's board said Autodesk's proposal significantly undervalued the company's prospects. ($1 = 1.2923 Australian dollars)
(Reporting by Rashmi Ashok in Bengaluru; Editing by Ramakrishnan M.)