The Nearmap Ltd (ASX: NEA) share price is defying the heavy sell-off on the ASX today.
At the time of writing, the aerial imagery specialist's shares are down 0.24% or half a cent to $2.075 apiece.
In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 2.44% to 6,838.8 points.
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Nearmap announces update on proposed takeover
In today's statement, Nearmap provided an update on the proposed scheme by Thoma Bravo to acquire all of the company's shares.
For the deal to progress onto the next stage, shareholder approval of at least 75% of the votes is required.
This is just one of several conditions within the scheme implementation deed that needs to be satisfied.
The meeting is expected to be held sometime in November this year but will be advised in October.
The Nearmap board has unanimously recommended that shareholders vote in favour of the scheme at the meeting.
However, this is subject to an independent expert concluding that the offer is in the best interest of shareholders, and in the absence of a superior proposal.
Thoma Bravo is offering $2.10 cash per Nearmap share. This represents a 67% premium to the 6-month volume weighted average price of $1.26 to 12 August 2022 (the day before the offer was made).
While you won't need to do anything for now, keep an eye out for the scheme booklet which will be sent out next month. It will contain information regarding the scheme, an independent expert's report and details of the meeting.
Nearmap share price summary
Since this time last year, Nearmap shares are up 6% on the back of the offer from Thoma Bravo.
When looking at year-to-date, the share is further in the green by 34%.
Based on today's price, Nearmap commands a market capitalisation of roughly $1.04 billion and has 501.82 million shares outstanding.
