LONDON (Alliance News) - Allocate Software PLC said Wednesday that a second undisclosed potential suitor has informed it that it does not intend to make an offer for the company.
Allocate said it continued to recommend the GBP109.6 million takeover offer from private equity firm HgCapital Group. On Monday the company announced that two third-party potential bidders had requested to receive any information that HgCapital had. However, both have now confirmed they do not plan to make a bid.
By October 14, HgCapital's 153.33 pence a share cash offer had received acceptances for around 56% of Allocate's issued share capital. The offer from HgCapital has a first closing date of November 26.
Shares in Allocate Software are trading down 1.6% at 156.00 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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