By Stuart Condie
SYDNEY–New Zealand-based transport technology provider Eroad said it received a takeover offer from a subsidiary of Canada’s Constellation Software.
Eroad on Wednesday asked for its Australia- and New Zealand-listed securities to be placed in a halt while its board considers the non-binding, indicative offer. Eroad didn’t immediately disclose the terms of the offer, which firmed an earlier proposal by Brillian.
The approach came via Brillian APAC, which is part of Constellation’s Volaris group, Eroad said in a market filing. Brillian had a 17.7% stake in Eroad at June 22, when Brillian lodged its initial proposal.
Auckland-based Eroad provides electronic on-board units and software for transport management in countries including New Zealand, Australia and the U.S.
Write to Stuart Condie at [email protected]
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