Potentia Capital is closing in on the 75% of shareholder acceptances it has made one of the conditions to lift its takeover offer for software company Nitro (ASX: NTO) to $2.25 per share.
That percentage must be committed by 31 March with holders of at least 25% of the shares opting to receive shares in the new ownership company instead of cash.
In a 15 March announcement, Nitro said it had received notification from Potentia that its relevant interest in Nitro shares had increased to 51.87%.
The conditions under which Potential will lift its current $2.17 per share cash offer were outlined in a ninth supplementary bidder’s statement on 23 February.
If Potentia gains the target of 75% acceptances but holders of less than 25% of shares opt for the scrip alternative, the offer will increase only to $2.20 per share.
The Nitro board has unanimously recommended Nitro shareholders to accept the Potentia takeover offer in the absence of a superior offer.