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Canadian software company makes $150 million offer for ERoad

June 22, 2023
in Business
Canadian software company makes $150 million offer for ERoad
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A truck with a red cab picks up speed.

Photo: 123RF

A nearly $150 million takeover offer has been made for New Zealand transport software firm ERoad.

The company said it had received an offer out of the blue from a subsidiary of Canadian software group, Constellation.

“Volaris is seeking to acquire 100 percent of ERoad’s shares at a proposed price of $1.30 per share in cash noting its preferred approach is by way of a scheme of arrangement,” ERoad said in an NZX statement.

ERoad was put in a trading halt ahead of details of the bid and its shares surged about 60 percent to a high of $1.25 when trading resumed.

It said the bidders wanted exclusive due diligence examination of its business and finances, negotiation of a deal with ERoad’s board, and the unanimous support from ERoad’s directors.

Volaris is part of the Canadian software group Constellation and used an Australian front company to build a 17.7 percent stake in ERoad over recent weeks for $20.8m.

It had agreed to pay the difference between what it paid the sellers and any final higher price if its offer for ERoad was successful within the next six months, it said.

Two weeks ago the NZX’s market regulator queried ERoad about a sharp rise in its share price between late May and early June, but the company said it had complied with disclosure rules.

ERoad hired investment bank Goldman Sachs in March to look for possible partners to help it crack open the North American market for its truck fleet management products.

“The board will act in what it considers to be the best interests of the company and its shareholders,” ERoad’s board said.

The offer from Volaris would be assessed alongside the options it had already been working on looking for new partners, market expansion, and capital, it said.

“There is no certainty that the (offer) or the strategic review will result in any transaction. ERoad shareholders do not need to take any action at this time in relation to the (offer) by Volaris.”

ERoad reported a $2.9m loss for the year ended March after absorbing Australian rival Coretex, and then hired Goldman Sachs to look at its future options.

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