Altium Snubs Autodesk's $3.9B Acquisition Proposal: Reuters

Altium Ltd ALMFF has refused Autodesk Inc's ADSK $3.9 billion acquisition offer citing it as undervalued, Reuters reports.
Altium develops software for printed circuit board (PCB) designers and electrical engineers to deliver connected, intelligent products.
The present offer valued Altium at 17x forecasted 2022 sales or 44x forecasted earnings, analysts estimated. Autodesk was ready to renegotiate with Altium, whose customers ranging from Apple Inc AAPL, Facebook Inc FB, Tesla Inc TSLA, Bayerische Motoren Werke AG BMWYY, Intel Corp INTC and Samsung Electronics Co Ltd SSNLF.
Jefferies analysts estimate a higher bid from Autodesk. They also expect potential bidders like France's Dassault Systemes SE DASTF and PTC Inc PTC.
Altium shares, which had been trading close to its post-pandemic low of $23.11 in May, rose 40.6% on Monday following the offer.
Earlier today, Autodesk Inc ADSK confirmed a non-binding proposal to acquire software company Altium Ltd ALMFF for A$38.50.
The proposal signified a 41.5% premium over Altium's June 4 closing price of AUD$27.21.
Autodesk planned to finance the transaction using cash and debt.
Autodesk held 923.2 million in cash and equivalents as of April 30, 2021.
Price action: ADSK shares closed higher by 3.76% at $284.78 on Friday.