19 May 2022 14:17
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
19 May 2022
Ideagen PLC
("Ideagen" or the " Company")
Update on Offer
The Board of Ideagen plc notes the announcement on 19 May 2022 by Astorg that, under Rule 2.8 of the City Code on Takeovers and Mergers, it does not intend to make an offer for Ideagen.
The Ideagen Directors continue to intend to recommend unanimously the cash offer announced by Rainforest Bidco Limited ("Bidco"), a company indirectly controlled by funds managed by Hg Pooled Management Limited ("Hg") on 9 May 2022 ("the Acquisition"). The Scheme Document, containing further information about the Acquisition and notices of the Court Meeting and the General Meeting shall be published in due course and, in any event, within 28 days of the 9 May 2022 announcement (or such later time as Ideagen, Bidco and the Panel agree).
The Acquisition is currently expected to complete during July 2022, subject to satisfaction or (where applicable) waiver of the Conditions. An expected timetable of key events relating to the Acquisition will be provided in the Scheme Document.
Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the announcement on 9 May 2022.
A further announcement will be made in due course.
Enquiries:
Ideagen plcBen Dorks, Chief Executive OfficerEmma Hayes, Chief Financial Officer | 01629 699 100 |
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Goldman Sachs International (Financial Adviser to Ideagen) Chris EmmersonKhamran Ali | 020 7774 1000 |
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Canaccord Genuity Limited (Nomad)Simon BridgesGeorgina McCooke | 020 7523 8000 |
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FTI ConsultingJamie RickettsDwight BurdenValerija Cymbal | 020 3727 1000 ideagen@fticonsulting.com |
About Ideagen plc
Ideagen's software helps companies comply with regulation and manage risk.
Ideagen is a leader in the +$30 billion regulatory and compliance software market, serving highly regulated industries such as life sciences, healthcare, banking and finance and insurance.
More than 8,000 customers use Ideagen's software, including 9 of the top 10 UK accounting firms, all of the top aerospace and defence companies and 75% of leading pharmaceutical firms.
Ideagen has a diversified customer base including blue chip, global brands such as Heineken, British Airways, BAE, Aggreko, US Navy, Bank of New York and Johnson Matthey, as well as 250 hospitals across the UK and US.
Ideagen is headquartered in the UK, listed on the London Stock Exchange AIM market (Ticker: IDEA.L), and has key hubs in the UK, USA, Middle East and South East Asia. For further information please visit www.ideagen.com .
Miscellaneous
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Ideagen and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Ideagen for providing the protections afforded to clients of Goldman Sachs International nor for providing advice in connection with the contents of this announcement or any other matter referred to herein.
Canaccord Genuity Limited ("Canaccord Genuity"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Ideagen and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Ideagen for providing the protections offered to clients of Canaccord Genuity or for providing advice in relation to the contents of this announcement or any matters referred to herein.