By Sabela Ojea
Logility Supply Chain Solutions has received an unsolicited non-binding proposal to acquire the company for $15 per share.
The AI-powered supply-chain planning solutions company on Friday said it intends to engage in discussions with the unnamed bidder despite having said in January that it had entered into a definitive deal to be acquired by Aptean for $14.30 a share.
Aptean's offer represented a 27% premium to Logility's Jan. 23 closing price.
"The Logility board of directors has determined that the unsolicited proposal would reasonably be expected to lead to a superior proposal under the terms of the Aptean merger agreement, engage in discussions with the unsolicited bidder based on the Unsolicited Proposal and Logility intends to do so," the company said.
Logility's board isn't making any recommendations regarding the proposal.
Still, the Aptean agreement remains in place and the Logility board reaffirmed its recommendation that shareholders vote in favor of the transaction.
At the time Logility announced the deal with Aptean, Chairman James Miller said the decision to sell the business came after the board conducted an auction process starting late last summer.
"As a result of this process, we unanimously determined that a sale to Aptean represented the best way to maximize shareholder value while also ensuring the company remains well-positioned to continue providing innovative and leading solutions to clients," Miller said in January.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 07, 2025 19:15 ET (00:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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