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I was wondering the same, which suggests the market is expecting a higher bid or an increased bid from Vista.
I would have expected the SP to be less than £11 if the market though this bid would succeed.
GLA
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Based on the market reaction this still has legs.
Terrible bid, but supported by management and largest shareholders means it feels like a done deal. Still I can't really complain as I only bought in August and have netted a 30% gain. Ho hum. I'll take 1150 and move on I think.
Can someone please explain why the current share price is still above the bid price? Would have expected to see this drop to the 1125 price??
Quite possibly the dullest takeover 'battle' in the history of takeover battles. Some hope that it will be sweetened a little as the market indicates but seems minimal hope that any increase in price will be material
My bad he did: Kingdon + Bathgate + Moss + Jupiter + Lead Edge = 23%
Insiders representing half. Looks weak to me as insiders may have gotten golden parachutes or stock option promises from Vista
Did he vote for the deal? Looks like Bathgate and Moss did, but not him as he owns 6% on his own
I’m still 25% down after two and a half years invested here. A complete waste of time and money if this is accepted. Still, that’s investing for you!
The PIs still buying at this price are either ill-informed or very well informed.
The fact that this announcement has been made prior to the deadline is interesting..... seems like they are trying to incite a bidding war.
23% of votes already committed to the deal. Still some way to go to get them over 50%. Maybe small investors need to talk to James Rasteh. Horrible deal
I honestly cannot see this offer getting shareholder approval.
Far better to relist in the US and where tech companies get valued far more fairly.
Other bidders will emerge. Give it time
Looks like a stitch up. BOD clearly incentivised to push this deal through, which is clearly a very bad deal for shareholders and should not be supported.
Looks like the BOD are happy to endorse a deal well below the previous 12 month high. No other offers announced. I will be thinking twice before investing in UK tech again!
The way that RNS is written suggests that this is a done deal; that they're not expecting any more offers.
It reads as if the Directors received less than 80% of votes at the last AGM so this is a **** you from them.
But I'd be happier to **** off the BoD for fresh management than sell at this price!
Hope I'm wrong and there is a bidding war but, at present, I fear the worst.
RNS out takeover price 1125p.
Also there is a mention if any distributions paid they can reduce the offer price by that amount.
Not a great RNS and don't see this getting passed
I think news is coming tomorrow too. If not, Qatalyst has done NOTHING to "bring top dollar" to this process. Where's the third bidder? Where's the bidding war?
This has got to be like the movie that seems like it's over with a terrible ending, and then all of a sudden the hero saves the day with the happy ending.
Not sure how much freedom Qatalyst Partners have to divulge a little information. One way or another news seems likely tomorrow!
Tomorrow I’m expecting a counter offer by TPG as a minimum. It would be interesting day until 5PM…Let’s get ready for a bidding war!
DADDY.LOL.
I believe this offer may have been on the table since day one, lets see what the others offer. Kind of has a Morrison’s feel about it.
@Jamster/@Alco098, I'm with you that this is sketchy. I keep analyzing this one particular sentence from the Bloomberg article.....
"While Blue Prism’s board is endorsing the Vista offer, other suitors could still emerge, the people said. Representatives for Vista and Blue Prism declined to comment."
Question 1: Who are "the people" familiar with the matter if neither party (Vista or Blue Prism) have commented?
Question 2: Who is using the word "endorse"? Was this the author of the article taking liberties, or is that what "the people" said? How can news that the board is endorsing the offer come out at the same time that the offer itself is announced?! That doesn't make sense.
This is fishy. Either these are tactics to get another bidder to step up to the plate in a hurry, or there are corrupt actors here with conflicts of interest.
Alco098 it's suspect tbh, the amount of confidentiality that should be followed with M&A deals are no joking matter, especially on final terms. Bankers can get ruined if it was from them. It sounds like an inside job from Blue Prism (or Quattrone) to get TPG to make an offer.
Bathgate, Kingdon and Moss all have substantial stakes. Why would they agree to such a low price? A combination almost certainly means Kingdon and Moss lose their jobs post transition. Only way I can see it work is if it's a merger where Tibco was listed and this allowed Blue Prism to get to the US and shareholders that don't want to sell get shares in the new entity. Vista want to sell Tibco but I have yet to see them plan an IPO or a SPAC listing.
Who are these 'people' and what's their incentive for leaking? They're certainly not from Vista. A 'come and get me' from BP stakeholders perhaps? But will any more suitors emerge...
I was in Avast and that got bought out for a crazy low amount so wouldn't be a shock if this is the figure.
Hopefully not or that other bidders come in but UK tech is massively discounted and seems that owners are happy to sell out low rather than push the company against what seems an anti-tech/growth environment.