Sept 19 (Reuters) - Australian automotive software firm Infomedia Ltd said on Monday it had yet to receive a binding proposal from either Solera Holdings LLC or the TA Consortium regarding their A$638.8 million ($443 million) takeover offers. Shares of Infomedia tumbled 8.8% in early trade after the company said it had not received a binding proposal, including a scheme implementation agreement, acceptable to its board. A consortium led by U.S. private equity firm TA Associates in May offered to buy Infomedia for A$1.70 per share in cash, which was matched by Texas-based Solera in June. In the absence of a binding offer, access to Infomedia's books will end on Sept. 30, the company said in a statement. Infomedia has been engaged in due diligence with the two suitors since June. "The move should provide investors with more clarity by the end of the month to allow management to focus on running the business should no binding bid be offered," analysts at RBC Capital Markets said in a note. The Australian company had attracted three buyout bids since mid-May, including Battery Ventures' A$1.75-per-share offer. Battery Ventures later backed out in July due to unknown reasons. TA Associates and Solera did not immediately respond to Reuters' requests for comment. (Reporting by Himanshi Akhand in Bengaluru; Editing by Subhranshu Sahu)
Australia's Infomedia yet to receive binding proposal for $443 mln buyout offers
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