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

Altium Ltd (OTC:ALMFF) has refused Autodesk Inc's (NASDAQ: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 (NASDAQ:AAPL), Facebook Inc (NASDAQ:FB), Tesla Inc (NASDAQ:TSLA), Bayerische Motoren Werke AG (OTC:BMWYY), Intel Corp (NASDAQ:INTC) and Samsung Electronics Co Ltd (OTC:SSNLF).
Jefferies analysts estimate a higher bid from Autodesk. They also expect potential bidders like France's Dassault Systemes SE (OTC:DASTF) and PTC Inc (NASDAQ: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 (NASDAQ: ADSK) confirmed a non-binding proposal to acquire software company Altium Ltd (OTC: 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.