|
Kin & Carta PLC has accepted a bid proposal from Valtech Topco valuing the company at £239 million, trumping a previously agreed approach from Apax Partners. The London-based business software consultancy said the offer from Valtech, which is controlled indirectly by funds advised by BC Partners, a London-based international investment firm, valued each share at 130 pence. Earlier this month, the company agreed revised bid terms from Apax Partners which valued the firm at 120p per share, or £203 million. Kin & Carta said it had withdrawn its recommendation of the revised Apax offer and intends to adjourn the Apax offer shareholder meetings. Kin & Carta Chair John Kerr said: ‘We believe the offer from Valtech will bring expertise, capital resources and investment enabling the combined group to build upon the strong foundations we have laid.’ Raymond Svider, chair of BC Partners, said: ‘We are excited to support Valtech in their ambition to bring together two outstanding organisations to the benefit of both customers and employees.’ Shares in Kin & Carta jumped 14% to 131.07 pence in London on Tuesday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
