(Sharecast News) - Kin and Carta's journey towards acquisition took a significant turn on Monday, with the lapse of the final offer from Apax Partners.
The developments began on 18 October, when Kin and Carta's board, alongside Kelvin UK Bidco, agreed on a recommended cash acquisition offer.
That initial agreement proposed an acquisition of Kin and Carta's entire ordinary share capital at 110p per share.
On 6 December, a revised offer emerged from Apax, elevating the offer price to 120p per share.
However, the scenario shifted again on 19 December, with Kin and Carta's board announcing a new contender, Valtech, and its recommended cash offer at 130p per share.
Apax issued an update on 27 December, outlining revised conditions for the Apax acquisition, extending the deadline to 1 March.
Despite that, Apax confirmed on 9 February that their offer would not undergo further increases.
The conditions stipulated in the Scheme Document remained unfulfilled by close of business on 8 March, leading to the lapse of Apax's final offer.
Reporting by Josh White for Sharecast.com.
St. Ives PLC (SIV)