(Alliance News) - Sopheon PLC on Friday announced agreed terms of a GBP115 million takeover offer from Wellspring Worldwide Inc, which it expects to complete early next year.
The Surrey, England-based enterprise software provider said Wellspring on Thursday received the much-anticipated regulatory clearance necessary to make the cash offer through subsidiary subsidiary IOps Buyer Inc.
Sopheon said that Wellspring has offered GBP10.00 in cash per Sopheon share, valuing the company's entire share capital at GBP115 million.
The announcement was made after the London market close on Friday. Sopheon shares had ended the shortened pre-holiday trading day up 0.4% at 924.00 pence each.
Wellspring Chief Executive Officer Sean Downs said the deal "represents a compelling opportunity for stakeholders". Sopheon, he added, "aligns closely with Wellspring in terms of both strategy and culture, and the combination of our two businesses represents an opportunity to build a leading global innovation management software and services provider with a compelling product and services portfolio."
Sopheon said that Wellspring has received irrevocable undertakings to vote in favour of the acquisition representing approximately 41.3% of Sopheon shares. These include acceptance from Sopheon's directors, who intend to recommend unanimously that shareholders follow suite.
"This acquisition is about two companies with a common vision bringing together complimentary products, customers, and employee talent," commented Chair Andy Michuda. "The combination has a unique opportunity to set a new leadership standard for the Innovation Ops market, supporting the innovation product life cycle from emerging tech transfer, to product commercialisation, through end-of-life."
By Emma Curzon, Alliance News reporter
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