Smart Metering Systems PLC - Glasgow-based energy management services provider - Shareholders representing just under 18% of the company, including two founders, temper opposition to Kohlberg Kravis Roberts & Co LP takeover offer, which SMS backed in December. Funds advised by private equity firm Kohlberg Kravis Roberts & Co LP offered 955 pence in cash per SMS share, which gives a GBP1.3 billion equity value and GBP1.4 billion enterprise value to all of SMS. Primestone Capital LLP, together with Alan Foy and Steve Timoney, "remain disappointed" by the offer price but note interest in SMS elsewhere has been scarce.
"In the light of the foregoing, and in the absence of any third party proposal or indication of interest in SMS, PrimeStone Capital and the Founders now intend to assent the SMS shares in which they are interested into the offer," a statement says.
Current stock price: 951.00 pence
12-month change: up 23%
By Eric Cunha, Alliance News news editor
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