By Stuart Condie

SYDNEY--Altium Ltd. on Monday rejected an unsolicited takeover proposal by Autodesk Inc. as it significantly undervalued the company's prospects.

Autodesk had made an offer of 38.50 Australian dollars (US$29.81) a share for the ASX-listed company.

Autodesk's proposal followed talks about a strategic partnership between the two companies. Altium said it would engage with interested parties on what it considered an appropriate valuation.

Shares in Altium were up 36% at A$37.00, their highest level in six months.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

June 06, 2021 21:56 ET (01:56 GMT)

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