(Alliance News) - Shares in Proactis Holdings PLC leapt on Friday following the company's acceptance of a GBP71.6 million takeover offer from Cafe Bidco Ltd, a subsidiary of investment funds managed by UK investment firm Pollen Street Capital Ltd.
Shares in the Wetherby, England-based cash management software company closed 77% higher at 74.01 pence on Friday, in London.
Under the acquisition's terms, Pollen Street will acquire Proactis for 75.0p per share in cash, reflecting a 79% premium to the company's closing price of 41.8p on Thursday.
The acquisition is conditional on gaining at least 75% approval at the upcoming court and general meeting, as well as the scheme being sanctioned by the High Court of Justice in England & Wales.
So far, Pollen Street has obtained irrevocable acceptances from around 45.0 million shares in Proactis, reflecting 47% of the company's entire issued share capital.
The scheme is expected to become effective during the third quarter of 2021, and has a long stop date of October 30.
"We are pleased that Bidco is supportive of the acceleration of Proactis' existing strategy and believe that Proactis will benefit from Pollen Street Capital's considerable financial resources, longer-term approach to value creation, and significant experience in successfully backing high-growth businesses to achieve their full potential. As a result of the Acquisition, we believe Proactis will be both nimbler in executing its strategy and able to build a business capable of sustainable longer-term growth," said Chair Alan Aubrey.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
