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Tungsten Corp PLC on Thursday found itself the centre of a potential bidding war, as it accepted a takeover offer from one suitor and received notice of a possible competing offer.
Irvine, California-based Kofax Inc, which first approached Tungsten in December with an offer of 40 pence per share, on Thursday said it has agreed a 42p offer with Tungsten's board.
Tungsten shares were up 18% to 45.60p in London at midday.
The all-cash offer values the London-based electronic invoicing and purchase order platform at £53.7 million.
Kofax, which also provides invoice processing and accounts payable automation solutions, noted the agreed offer represents a 45% premium to Tungsten's closing price on December 13, before the announcement of its original approach.
It said the Tungsten board unanimously recommends its offer to shareholders, and it has acceptances representing 19.2% of Tungsten shares. The offer has an acceptance condition of 75% and is expected to be completed in the second quarter.
However, Pagero Group AB sought to intervene on Thursday, saying it is considering an all-cash offer of 45p. It said its offer is not firm and noted that it must give a firm intention to make an offer by the seventh day before the Tungsten shareholders meeting to approve the Kofax deal. This hasn't yet been scheduled.
Gothenburg, Sweden-based Pagero provides a 'smart business network' that connects buyers and sellers for automated, compliant and secure exchange of orders, invoices, payment instructions and other business documents.
Tungsten noted Pagero's announcement, saying only that a further announcement will be made with appropriate.
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