StatPro agrees to takeover bid from Confluence Technologies

(Sharecast News) - Analytics provider StatPro agreed to a takeover bid from US software firm Confluence Technologies on Friday, valuing the firm at £161.1m.
StatPro said Confluence's all-cash offer of 230p per share, a 55% premium to the AIM-listed group's closing price on Thursday, had been approved by investors and was expected to wrap up at the end of the fourth quarter.

Chairman Rory Curran said: "Confluence is an excellent and complementary partner both in terms of geographical disposition and product capabilities. The combined entity will offer asset managers and fund administrators a more comprehensive range of support services and analytics on one platform."

As of 1035 BST, StatPro shares had skyrocketed 52.36% to 226.26p.