US investor makes ‘unsolicited approach’ for listed software provider

Proactis Holdings, the global spend management and B2B eCommerce solution provider, has received a “preliminary unsolicited approach from a US-based investor” to acquire the company and has now begun a formal sale process. 

The Wetherby-headquartered listed firm said it had also received a number of preliminary unsolicited expressions of interest from other parties.

The Proactis board this morning confirmed “its confidence in the prospects and position of the company as an independent business.” Proactis added: “The Board is continuing to execute the strategy set out at the time of the interim results for the six months ended 31 January 2019 (as announced on 29 April 2019) which reflects the conclusions of its operational review.  

“Notwithstanding this confidence, the Board believes that it is important to all the Group’s stakeholders to explore the strategic options that these expressions of interest could present.”

Proactis added that its Board had resolved to facilitate a review of these expressions of interest by commencing a “formal sales process” and appointed finnCap as its financial adviser.  

Parties with an interest in participating in the process should contact finnCap on the contact details set out below.

The company is now considered to be in an “offer period”.