Promethean accepts £84m bid

INTERACTIVE classroom technology provider Promethean World has agreed to a £84.1m takeover bid from Chinese software company NetDragon Websoft Inc.

The Blackburn company’s board has recommended the 40p per share cash offer from NetDragon subsidiary Digital Train.

The offer represents a premium of approximately 48% to the closing price of 27p Promethean Share on 15 June – the day before the news broke over the potential deal.

Simon Leung, vice chairman of NetDragon said: “We are truly excited by the opportunities created with the synergies, both technologies and market access, of the two companies. We believe, with the combined entity, we will continue to create value for our shareholders, and more important, will make a positive impact in the global world of learning.”

Promethean chairman Phillip Rowley added: “Our board believes that this offer represents fair value for our shareholders, whilst at the same time providing a platform which will allow the business to reach its full potential and realise its aim of making a real difference to the education of children across the world.”