(Sharecast News) - Unikmind updated the market on its bid for Kape Technologies on Thursday, confirming that the outstanding regulatory condition in Romania for its cash offer had been satisfied, as it did not require prior approval from the Romanian FDI Commission.
Additionally, it said it had determined that a filing with the Committee on Foreign Investment in the United States was not required.
As a result, there were no further outstanding regulatory conditions for the bid.
The offer, which was announced on 13 February, remained subject to the satisfaction or waiver of a number of conditions, including the acceptance condition.
Unikmind said the offer was expected to become or be declared unconditional during the second quarter, subject to the satisfaction or waiver of the condition.
"As set out in the offer document, Unikmind continues to believe that while Kape's AIM listing has served it well, Kape's growth trajectory is now better served in the private arena, where Kape would benefit from the sizeable business support and financial resources that Unikmind and Globe Invest would bring," the company said in its update.
As a result, it said it was intending to pursue a delisting of Kape from AIM as soon as possible, regardless of the outcome of the offer.
If Unikmind acquires voting rights representing 75% or more of Kape, it was intending for Kape to apply for the cancellation of its shares on AIM, leading to a potential accelerated timeline for delisting.
"The offer will initially remain open for acceptance until 1300 BST on 5 May, unless the unconditional date is brought forward by Unikmind publishing an acceleration statement."
At 1232 BST, shares in Kape Technologies were down 0.35% at 285.01p.
Reporting by Josh White for Sharecast.com.
