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Sopheon PLC on Friday announced agreed terms of a £115 million takeover offer from Wellspring Worldwide Inc, which it expects to complete early next year. The Surrey, England-based enterprise software provider said Wellspring on Thursday received the much-anticipated regulatory clearance necessary to make the cash offer through subsidiary subsidiary IOps Buyer Inc. Sopheon said that Wellspring has offered £10.00 in cash per Sopheon share, valuing the company’s entire share capital at £115 million. The announcement was made after the London market close on Friday. Sopheon shares had ended the shortened pre-holiday trading day up 0.4% at 924.00 pence each. Wellspring Chief Executive Officer Sean Downs said the deal ‘represents a compelling opportunity for stakeholders’. Sopheon, he added, ‘aligns closely with Wellspring in terms of both strategy and culture, and the combination of our two businesses represents an opportunity to build a leading global innovation management software and services provider with a compelling product and services portfolio.’ Sopheon said that Wellspring has received irrevocable undertakings to vote in favour of the acquisition representing approximately 41.3% of Sopheon shares. These include acceptance from Sopheon’s directors, who intend to recommend unanimously that shareholders follow suite. ‘This acquisition is about two companies with a common vision bringing together complimentary products, customers, and employee talent,’ commented Chair Andy Michuda. ‘The combination has a unique opportunity to set a new leadership standard for the Innovation Ops market, supporting the innovation product life cycle from emerging tech transfer, to product commercialisation, through end-of-life.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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