(Alliance News) - Shares more than doubled in Universe Group PLC on Tuesday after the company accepted a GBP33.1 million takeover offer from Inform Information Systems Ltd, which is part of Alpharetta, Georgia-based Professional DataSolutions Inc.
Shares in the Southampton, Hampshire-based retail management, payment and loyalty systems provider were 11.37 pence on Tuesday afternoon in London, more than doubled from its closing price on Monday at 5.25p.
Under the deal, Professional DataSolutions will acquire each Universe Group for 12p per share, reflecting a more than doubled premium from its closing price on Monday.
Professional DataSolutions provides retailers and petroleum wholesalers with enterprise software which help their clients to run their businesses more efficiently through logistics, fuel pricing and security.
The acquisition is conditional on gaining at least 75% in shareholder approval at both the court meeting and general meeting, as well as being sanctioned by the High Court of Justice in England & Wales.
So far, Professional DataSolutions has received irrevocable undertakings and a letter of intent to vote in favour of the acquisition from 138.7 million Universe shares, representing 51% of the company entire issued share capital.
The acquisition has a long stop date of February 28, 2022.
"Whilst the board and management team believe in the future of the business in its current guise, we welcome the opportunity for the Universe shareholders to realise their investment at a premium of 129% to yesterday's closing price," said Executive Chair Andrew Blayze.
"With its focus on the Fuel and Forecourt market, and its commitment to investment in associated customer solutions, the Universe Directors believe that PDI will be an excellent partner to Universe and its management and employees. We believe the proposed transaction reflects these opportunities," Blayze added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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