Human resources, payroll and expense management software group Elmo Software has had a whirlwind courtship with a big name private equity suitor.
Human resources, payroll and expense management software group Elmo Software has had a whirlwind courtship with a big name private equity suitor, only to be left at the altar and back considering a long-term life on the ASX boards.Street Talk understands Elmo received a $6.10 a share indicative cash bid from San Francisco’s Accel-KKR, a software/tech specialist investment firm, and took its suitor through a round of preliminary due diligence before the talks fell apart.
However, the talks ended a couple of weeks ago, sources said, before the talks turned towards a binding bid, ending Elmo’s fling. Elmo declined to comment on Monday. The question now is whether Accel-KKR returns, or if there’s another high conviction player that may be willing to go down the same path with Elmo.
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