Platinum Asset Management Ltd (ASX: PTM) shares are catching the eye with a big gain on Tuesday.
Investors have been bidding the fund manager's shares higher after it received a takeover offer from Regal Partners Ltd (ASX: RPL).
But it isn't the only ASX share that is rising because of a takeover approach today. Two more shares that are shooting higher are listed below. Here's what they have announced:
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Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is up 33% to 16 cents. This has been driven by news that the sales enablement software provider has received a revised non-binding proposal from Vector Capital Management.
According to the release, Vector Capital Management has made an offer of $0.20 per share to acquire the company.
Bigtincan advised that the takeover offer contains the following statement:
Having reviewed the publicly available FY2024 year-end financial results and now having identified lenders willing and able to provide Vector with the necessary debt financing, Vector has received investment committee approval to, and would be prepared to, consummate a take-private transaction for BTH at an increased price of A$0.20 per share. Our offer is unconditional, does not have a financing contingency and is subject only to legal due diligence and entering into binding long form documents.
The ASX share's board advised that it will now evaluate the revised proposal with input from external advisors. It also warned that there is no certainty any control transaction will eventuate.
Vector Capital Management previously had a 19 cents per share offer rejected.
Pacific Smiles Group Ltd (ASX: PSQ)
The Pacific Smiles share price is up 16% to $1.86. This follows news that Beam Dental Bid Co, an associate of Genesis Capital, has tabled an offer for the dentist network.
According to the release, Genesis Capital proposes to acquire 100% of the shares in Pacific Smiles by way of an off-market takeover bid for $1.90 per share. This is in cash, scrip, or a mix of cash and scrip.
Pacific Smiles has advised that the offer will need to be considered in detail by its board and advisers before a formal recommendation is made to shareholders. It will also take into account feedback from shareholders and the likelihood of success of the offer when making its decision.
But as the offer, which is subject to conditions, is expected to open in the coming weeks and remain open for at least one month, it advised that there is no urgency to take action at this time.
In the meantime, it advised its shareholders to take no action in relation to the offer or any documents they may receive from Genesis Capital.
