(Alliance News) - Skedda Holdings Inc on Tuesday announced that it has made a GBP25.0 million cash offer for the entire share capital of Smartspace Software PLC.
Shares in Smartspace rose 90% to 63.50 pence each on Tuesday morning in London.
Shares in Smartspace, a designer and builder of smart software solutions based in Bury St Edmunds, England, closed at 33.50p each on Monday.
Venue management software provider Skedda, in the latest of a series of takeover proposals, on Tuesday said it was offering 82p per share for Smartspace.
This, Skedda said, represented "a very compelling opportunity" for Smartspace shareholders "to realise their investment...at a very significant premium".
The offer values the entire share capital of Smartspace at GBP25.0 million.
Skedda said Smartspace's largest shareholder, Jo Hambro Capital Management Ltd, has indicated its support for the proposal.
"Skedda is excited by a potential of a combination with SmartSpace," the company said. "Skedda believes that it can provide SmartSpace with the considerable financial support and technical expertise that...will be necessary for SmartSpace to maintain its technological advantage in a rapidly developing and increasingly competitive sector.
"Skedda also sees a strong commercial advantage for SmartSpace's customers and a compelling opportunity for SmartSpace's employees within an international, growing and more resilient organisation."
By Emma Curzon, Alliance News reporter
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