Eroad board says no deal, shares eclipse offer price

(Image: Eroad)

Wed, 12 Jul 2023

Eroad's board has rejected the overtures of Toronto-listed Constellation Software, saying the non-binding $147.1 million offer materially undervalued the transport software and hardware developer. The company’s shares rallied on the news, rising as high as $1.38, and were recently up 3.9% at $1.35, a premium to the $1.30 offer and valuing Eroad at $152.7m. Constellation subsidiary Volaris has built an 18.7% stake in Eroad since the end of May, enjoying a slump in the share price that had been as high as $6.77 in July 2021.Volaris...

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