It’s a happy Monday for shareholders of digital wealth management stock OneVue Holdings (ASX:OVH).

The company received a takeover bid from one of Australia’s best known software stocks, large cap IRESS (ASX:IRE)and at a 67 per cent premium to OneVue’s last trading price.

OneVue shares surged over 50 per cent this morning off the back of the offer.


OneVue’s board has indicated it will unanimously accept the offer and recommended shareholders do likewise.

The deal will proceed in September subject to shareholder, ASIC and court approval.

While this morning’s announcement listed several factors as important, managing director Connie Mckeage told Stockhead Iress being the “right strategic fit” was most important.

“These two businesses can achieve a lot in changing the dynamics in the market,” she said.

“So first and foremost, it is the right strategic fit. All these other things played the price but without a strategic fit, [a merger] doesn’t work out in the end.”

Mckeage also noted there had been consolidation across the industry and believed Iress stood out.

“IRESS is one of the few companies I totally trust to look after our clients,” she said.


In other ASX takeover news today:

Remote power station operator Zenith Energy (ASX:ZEN), which received a bid in March from Pacific Equity Partners, unveiled a revised takeover deal this morning and reiterated its endorsement of the offer.

There was an update made to account for a revised equity structure in Pacific’s Elemental Infrastructure Fund. But the money Pacific is offering is still $1.01 per share, worth about $150m, along with a special dividend.

“The revised Zenith scheme is even more compelling for shareholders to benefit from the greater certainty of cash for their shares given the backdrop of current volatility,” said Peter Torre, a Zenith director appointed in March to independently consider the deal.