PRSM.L Share News (PRSM)

(Sharecast News) - Blue Prism updated the market on the status of the cash offers for the company on Wednesday, confirming that the previously-increased offer from Vista Equity Partners was now final, and as such the higher offer from SS&C Technologies would be recommended.
The AIM-traded robotics and automation specialist announced on 28 September that Bali Bidco, a newly-formed company indirectly owned by Vista, had agreed a cash offer of 1,125p per share.

On 10 November, however, Blue Prism received a preliminary approach from SS&C Technologies regarding a possible cash offer of 1,200p per share.

Since then, Blue Prism's board said it had engaged with SS&C on detailed due diligence in order to advance discussions, in a bid to deliver "the best value" to shareholders.

On 25 November, Blue Prism and Vista's Bali Bidco announced they had agreed to an increased cash offer of 1,250p per Blue Prism share.

"As noted in the terms of the increased Vista offer, Bali Bidco reserved the right to increase the amount of the offer price if there is an announcement on or after the date of its announcement of an offer or a possible offer for Blue Prism by a third party offeror or potential offeror, including if there is the announcement of a firm offer or possible offer by SS&C," Blue Prism said in its statement on Wednesday.

On 1 December, Blue Prism and Bolt Bidco, a newly-formed company indirectly owned by SS&C Technologies, announced they had agreed on a recommended cash offer of 1,275p per share.

"The SS&C offer represents a higher offer than the cash consideration of 1,250p per share under the terms of the increased Vista offer," the Blue Prism board added.

"In light of their intended recommendation of the SS&C offer, the board of Blue Prism decided unanimously to withdraw their recommendation of the increased Vista offer, and the court and general meetings to be held on 9 December will be adjourned."

The board noted that, under the City Code on Takeovers and Mergers, if an offeror wanted to set aside its no-increase statement it needed to make an announcement to that effect as soon as possible, within four business days after the date of the firm announcement of the competing offer.

"No such announcement has been made by Vista and, accordingly, the Increased Vista offer is final and cannot be increased."

The board of Blue Prism said it still intended to unanimously recommend that Blue Prism shareholders vote in favour of the SS&C offer at the court and general meetings to be held in due course.

At 1020 GMT, shares in Blue Prism Group were down 3.81% at 1,263p.