Increased £1.22bn takeover offer for robotics group Blue Prism
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Shares have climbed at robotics software company, Blue Prism, which has received a final £1.22bn takeover offer from US private equity firm Vista Equity, topping a rival bid from SS&C Technologies.
The increased 1,250 pence-per-share cash offer from Bali Bidco Ltd, a firm indirectly owned by Vista, comes amid objections from activist investor Coast Capital, which has supported US-based SS&C’s proposal.
Bali Bidco said it will fund the deal through existing cash resources.
Blue Prism directors have unanimously recommended shareholders to vote in favour of the Vista deal at a meeting scheduled for Dec. 9.
SS&C last week made a £1.16bn takeover approach to the Warrington firm.
In a statement , Blue Prism told the markets: “Today, the boards of Blue Prism and Bidco are pleased to announce that they have reached agreement on the terms of an increased and final recommended cash offer by Bidco to acquire the entire issued and to be issued ordinary share capital of Blue Prism (the “Final Offer”).”
Blue Prism shares are currently trading at 1,287p per share, up by 6%.