Bigtincan, an Australian sales coaching platform, raised AUD 35 million (~USD 23.54 million) in an institutional placement round which consists of 50 million new shares and a share purchase plan that might result in the issuance of up to AUD 10,000 (~USD 6,757) worth of new shares to carry out various mergers and acquisitions.

However, SQN, a private equity group that owns 13.6% of the firm that made a takeover bid to Bigtincan earlier this month, deemed this to be "extremely dilutive" and "value-destructive." As a result, SQN's buyout offer of AUD 0.80 per share was reduced by one-fourth at the new shares' AUD 0.60 issue price.

According to reports, the group requested Bigtincan to postpone any capital raises or acquisitions for the time being and to uphold its fiduciary duties by having discussions with the parties that have approached the company regarding a control transaction.

Analyst QuickTake: SQN’s initial takeover bid, valued Bigtincan at AUD 442 million (~USD 300 million). Despite concerns from shareholders about the best time to pursue strategic changes, the company plans to proceed with its product plan and reportedly found several potential strategic M&A prospects.