(Alliance News) - Kape Technologies PLC on Thursday noted a revised and final cash takeover offer from Unikmind Holdings Ltd for the remaining stake of the company it does not already own.
The firm said Unikmind's revised offer of USD3.60 per share still "undervalues" Kape and its future prospects, however.
Kape is London-based security software provider. Unikmind is an Isle of Man-based company which currently holds a 54% stake in Kape.
The revised offer is equivalent to 290 pence per share and represents a 26.5% premium to Kape's closing price of 229p on December 8, the day before Unikmind's initial proposal of 277p per share, or USD3.44.
In March, Kape published a response document that said it believed Unikmind's original offer price of USD3.44 per share "materially undervalued" the company and its future prospects.
Since then, Kape said it has explored alternatives to Unikmind's offer and has spoken to third parties in order to gauge their interest in making an alternative offer for the company.
On Thursday, Kape confirmed that no firm proposal from a third party has been received and, consequently, said it is no longer in discussions with any third party.
Nonetheless, Kape said that Unikmind's revised offer of USD3.60 per share "undervalues" Kape and its future prospects.
However, Unikmind will declare the revised offer unconditional if it reaches a level of acceptances that, when aggregated with the Kape shares already held by Unikmind, represents Kape shares carrying at least 70% of the voting rights exercisable at a general meeting of Kape.
Taking account of the intentions of shareholders Dan Pomerantz, Peter Burchhardt, Ran Greenberg and Ariel Hochstadt, as well as Unikmind's existing holding of Kape Shares, Unikmind now holds or has received acceptances and irrevocable commitments in respect of around 67% of Kape's share capital.
Shares in Kape Technologies were up 1.1% 288.00 pence on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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