ikeGPS Group (ASX:IKE, NZE:IKE) ended talks with a potential acquirer because its final offer of around NZ$1 per share at a valuation of NZ$165 million to NZ$170 million has no "realistic chance to secure sufficient support" from shareholders, according to a Friday filing with the Australian bourse.
It received an unsolicited, confidential, nonbinding offer from a private equity group in 2024 and it entered into a short period of exclusive due diligence, the filing said.
The firm also sought opinions from several major shareholders under confidentiality and stand-still agreements.
The firm continues to focus on its growth strategy targeting the delivery of distribution network software for the North American and other international electric utility and communications markets.
The firm said it closed a contract of around NZ$2.6 million in January. It added that a strong sales opportunity pipeline with more tier-one electric utility customers is expected to materially increase run rate annual recurring revenue in the short term.
Its shares jumped 37% in recent trade, reaching a 52-week high point.
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