Blue Prism agrees ‘superior’ rival bid from SS&C Technologies

Robotics company Blue Prism has agreed a £1.27bn rival bid from SS&C Technologies, following months of rival bidding.

This comes just days after the Warrington company agreed to recommend to shareholders a final increased bid from Vista Equity.

The new offer by Bolt Bidco Limited, a firm indirectly owned SS&C Technologies, defeats last week’s 1250 pence per share offer by Bali Bidco Ltd, a firm indirectly owned by Vista, made last week.

Blue Prism confirm it has withdrawn Vista’s recommendation and that it intends to recommend its shareholders to vote in favour of SS&C’s ‘superior offer’ price of 1,275 pence per share in cash.

The firm, which makes technology for companies to automate office tasks, initially agreed a £1.1bn takeover deal with Vista in September.

Blue Prism was due to hold a meeting on November 19 where shareholders could vote on the deal – but it had to cancel its plans after SS&C approached the company but had failed to come up with a formal bid.

Blue Prism rearranged its vote on the Vista deal for December 9, and the Takeover Panel said SS&C had until December 2 to make a formal offer.

The company said: “In light of their intended recommendation of the SS&C Offer, the Blue Prism Directors have decided unanimously to withdraw their recommendation of the Increased Vista Offer and will adjourn the Vista Offer Shareholder Meetings currently re-convened for 9 December 2021.”