(Alliance News) - Smartspace Software PLC on Monday said it received an indicative proposal for a potential takeover offer by funds managed or advised by PSG Equity LLC, which it would recommend should a firm bid materialise.
Smartspace, a Bury St Edmunds, England-based designer and builder of smart software solutions, said the potential 90 pence per share offer by Boston, Massachusetts-based software-focused venture capital firm PSG Equity would be acceptable.
The bid, made through PSG's Sign In Solutions Inc unit, would value Smartspace's equity at GBP26.0 million. It would also represent a 32% premium to Friday's closing price of 67.98p.
Smartspace shares jumped 23% to 80.00 pence each on Monday morning in London. It has a market capitalisation of GBP23.2 million.
"The possible offer is subject to the satisfaction or waiver of a number of customary pre-conditions, including satisfactory completion of due diligence. Discussions between the parties are advancing but there can be no certainty that an offer will be made, even if the pre-conditions are satisfied or waived," the firm noted.
Sign In now has until February 19 to announce its firm intention to make an offer, or walk away.
By Tom Budszus, Alliance News slot editor
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