(Reuters) – AI-powered software maker Logility Supply Chain Solutions said on Friday it had received an unsolicited proposal to acquire all of its outstanding shares for $15 a piece.
The Atlanta, Georgia-based company had entered a definitive agreement earlier in January to be acquired by private equity-backed Aptean for $14.30 per share.
The board reaffirmed its recommendation to shareholders to vote in favor of the Aptean deal, which is backed by TA Associates, Charlesbank, Insight Partners and Clearlake.
The company intends to engage in discussions with the unsolicited bidder, but there can be no assurances a definitive agreement or transaction will result from the proposal.
Reuters reported in December that Logility, previously known as American Software, was exploring a sale and gauging takeover interest from potential buyers, which include private equity-backed technology companies.
Logility has a market value of around $478 million, according to LSEG data, and provides software and technology tools that help large companies manage their inventory, manufacturing processes and supply chains.
(Reporting by Chandni Shah in Bengaluru; Editing by Chris Reese)
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