StatPro Share News (SOG)

(Alliance News) - StatPro Group PLC on Friday said it has agreed to a GBP161.1 million cash offer from Confluence Technologies Inc, a company controlled by US private equity firm TA Associates.

Under the terms of the agreement, StatPro shareholders will get 230 pence in cash from Confluence, which provides back-office automation systems to the investment management industry. The agreed price represents a premium of 55% to StarPro's closing price of 148.5p on Thursday.

Shares in StatPro, which provides portfolio analysis and asset pricing services for asset managers, were up 52% at 226.30p each in London on Friday.

StatPro said there are strong strategic reasons for combining with Confluence Technologies due to complementary geographic reach and products, and the combination has the potential to deliver benefits to customers and other stakeholders.

Confluence Technologies has received irrevocable undertakings or letters of intent to vote in favour of the merger, in respect of a total of 42.9 million StatPro shares, representing around 65% of the outstanding share capital of StatPro.