(Alliance News) - Tungsten Corp PLC on Friday said it has been bought by Kofax Parent Ltd and its shares have been temporarily suspended from trading on AIM.
Back in May, Kofax agreed to buy the London-based electronic invoicing company Tungsten at a price of 55 pence per share.
Kofax already holds 23.0 million Tungsten shares and will buy a further 105.3 million under the agreement. The total amount to be paid to shareholders is around GBP57.9 million.
On Wednesday, the High Court of Justice in England and Wales made an order sanctioning the acquisition and consequently Tungsten shares have been suspended from trading on AIM.
Kofax will acquire Tungsten via its wholly-owned indirect subsidiary Project California Bidco Ltd.
Tungsten expects to start trading again on Monday.
Shares in Tungsten were last quoted at 54.60p each in London.
By Sophie Rose; sophierose@alliancenews.com
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