-Ideagen Plc agreed to a takeover by London-based personal fairness agency Hg Pooled Administration in an all-cash deal, valuing the British software program agency at 1.09 billion kilos ($1.34 billion), the businesses mentioned on Monday.
Hg mentioned shareholders of Ideagen, whose software program helps firms adjust to regulation and handle threat, will obtain 350 pence per share, representing a premium of about 52% to its closing worth on April 11.
Shares in Ideagen jumped 46% to 355 pence on Monday, above Hg’s supply worth, indicating that traders expect a counter bid from French rival suitor Astorg.
Ideagen, which operates within the regulatory and compliance software program sector serving greater than 8,000 clients together with Heineken and British Airways, has seen a flurry of takeover curiosity since early April.
London-based personal fairness agency Cinven mentioned on April 14 it was in talks for a potential supply for Ideagen, however dropped its pursuit final week.
Ideagen, in a separate assertion, mentioned it remained in talks with fund administration firm Astorg, which has been given entry to due diligence.
The London-listed firm, whose board plans to unanimously suggest the Hg deal to shareholders, mentioned it believed the supply from Rainforest Bidco, an organization not directly managed by funds managed by Hg, “represents worth for shareholders”.
($1 = 0.8147 kilos)
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