Blue Prism Group PLC - Warrington, England-based robotic process automation firm - Withdraws recommendation of 1,250 pence per share offer by Austin, Texas-based private equity firm Vista Equity Partners in favour of raised offer from SS&C Technologies Holdings Inc of 1,275p in cash, valuing the company at GBP1.24 billion. The price reflects a 53% premium to the closing price of Blue Prism at 832p on August 27, the last business day before the bidding began.
The acquisition by SS&C is conditional on gaining at least 75% of shareholder approval at an upcoming general meeting, as well as regulatory approval, particularly from the US, Russia and the UK. The acquisition is expected to be completed either late in the first quarter of 2022 or early in the second quarter, should all conditions be met.
On Thursday last week, Vista had made a final offer for Blue Prism at a price of 1,250p per share. Earlier in November, SS&C had made a tentative offer of 1,200p per share.
"While as a standalone enterprise we have built an impressive business, the opportunity presented to combine Blue Prism with SS&C will bring us access to significant capital resources and investment in R&D alongside access to SS&C's extensive 18,000 customers. The combination ensures that we remain at the forefront of the next generation of intelligent automation and can continue to provide innovative products and services," says Chair & Chief Executive Officer Jason Kingdon.
Current stock price: 1,330.00 pence, up 2.4% on Wednesday
Year-to-date change: down 23%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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