Sopheon gets green light for Wellspring takeover offer

(Alliance News) - Sopheon PLC on Thursday said it has government approval for its GBP115 million takeover offer from Wellspring Worldwide Inc.

In December, the Surrey, England-based enterprise software provider agreed terms of a GBP115 million takeover offer from Wellspring Worldwide.

Sopheon said that Wellspring has offered GBP10.00 in cash per Sopheon share, valuing the company's entire share capital at GBP115 million.

Shares in Sopheon closed flat at 980.00 pence each in London on Thursday.

At the time, 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 on Wednesday the Secretary of State that it will not be taking any further action in relation to the acquisition.

"The boards of directors of Bidco and Sopheon are subsequently pleased to confirm that the NSIA condition has been satisfied," it added.

By Sophie Rose, Alliance News senior reporter

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