British robotics software company Blue Prism has agreed to a 1.22 billion pound ($1.63 billion) final takeover offer from U.S. private equity firm Vista Equity, the parties said on Thursday, topping a proposal from SS&C Technologies.
The increased 1,250 pence-per-share cash offer from Bali Bidco Ltd, a firm indirectly owned by Vista, comes amid objections from activist investor Coast Capital, which has supported U.S.-based SS&C’s proposal.
Bali Bidco said it will fund the deal through existing cash resources.
Blue Prism directors have unanimously recommended shareholders vote in favour of the Vista deal at meetings scheduled for Dec. 9.
SS&C last week made a 1.16 billion pound takeover approach to the British software firm.
Blue Prism, which counts automaker Daimler, eBay and Britain’s National Health Service among its customers, initially agreed to be taken over by Vista in September for 1.09 billion pounds.
U.S.-based Coast Capital, which holds a stake of around 2.8% in Blue Prism, objected to Vista’s proposal, saying the sale process was flawed. Blue Prism defended the deal, saying it was better than continuing as a standalone firm.
Shares of Blue Prism ended about 0.6% higher at 1,215 pence on Thursday, before Vista’s revised offer was made after the market close.
Source: Reuters.com