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Tungsten Corp PLC suitor Kofax Inc on Tuesday urged shareholders in the electronic invoicing and purchase order platform to not take any action after it accepted a buyout from Gothenburg, Sweden-based Pagero Group AB.
Tungsten backed a £61.5 million offer from Pagero on Monday.
Pagero offered 48 per share to acquire the AIM-listed company. The offer price is 14% higher than a 42p per share bid tabled by Irvine, California-based Kofax.
That bid, which valued Tungsten at £53.7 million, was initially recommended by Tugsten. However, the company on Monday said it has withdrawn its backing for the Kofax offer.
Kofax noted the Pagero bid and said it is ‘considering its options’. It urged ‘shareholders to take no action in response to the announcement by Pagero’.
‘A further announcement will be made in due course,’ Kofax said.
Kofax provides invoice processing and accounts payable automation solutions. Pagero provides a cloud-based 'smart business network' that connects buyers and sellers for automated, compliant and secure exchange of orders, invoices, payment instructions and other business documents.
Tungsten Corp shares were 0.3% higher at 49.40 pence each in London on Tuesday afternoon, giving it a market capitalisation of £62.4 million.
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