Acquisitive software firm swoops for French arm of e-commerce business
Wetherby-based Proactis, the specialist speed control software provider, has filed a tender offer for the share capital of the French arm of an e-commerce business it acquired last year.
Following its acquisition of Perfect Commerce in August, the AIM-listed firm undertook discussions with the French Authorité des Marchés Financiers (AMF) about filing a tender offer for the remaining issued share capital of Hubwoo – the 79% owned subsidiary of Perfect Commerce; listed at a price of €0.20 per Hubwoo share.
The tender offer is now subject to clearance by the AMF and, should that clearance be given, it is expected that the tender offer documentation will be published on or around 7 February. The offer is expected to be open to Hubwoo shareholders for the 10 trading day period from 8 February 2018 to 21 February.
It is expected to be conducted by Perfect Commerce at a price of €0.20 per Hubwoo share, with the maximum consideration payable for all outstanding Hubwoo shares being around €5.6m, excluding fees and related expenses.
Hubwoo is a Procure-to-Pay software and services company headquartered in Paris. At its meeting on January 12, , Hubwoo’s Board of Directors, unanimously delivered an opinion in favour of the tender offer.
“Proactis intends to continue the operations of and the development of Hubwoo, in line with Hubwoo’s current activities and strategy,” said Hubwoo.
“Shareholders are reminded that the outcome of the proposed public tender offer will not modify the control of Hubwoo, as PROACTIS is already the indirect controlling shareholder of Hubwoo.
Proactis is advised by Banque Delubac & Cie acting as the presenting bank and Euroland Corporate acting as adviser.
