ECSC Group PLC - Bradford, Yorkshire-based cybersecurity firm - Agrees to takeover offer from Daisy Corporate Services Trading Ltd. Daisy offers 54.02 pence per share in cash, valuing ECSC at GBP5.4 million in total. ECSC unanimously recommends offer to shareholders and will support it with their shares, which are just under 27% of the total. In total, owners of 36% of ESCS shares have agreed to support the offer.
Daisy provides secure communications, cloud services and cybersecurity to companies and public sector organisations. Daisy says the acquisition will provide the opportunity to cross-sell ECSC products into Daisy's wider managed service customer base.
"Whilst the strategy for ECSC is underway, there are some inevitable headwinds from increased competition, pricing pressures and wage inflation especially in the technology sector," said Chief Executive Officer Matthew Briggs. "Taking these factors into account, together with a strategy which can only be executed over a 12-24 month period due to the nature of 'big ticket' contract negotiations, the opportunity to be acquired by Daisy at a significant share price premium and a 'ready made' cross sell client base makes this acquisition very attractive for ECSC."
Current stock price: 50.00p on Friday, up from 20.00p on Thursday
12-month change: down 11%
By Tom Waite, Alliance News editor
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