IN BRIEF: Bain Capital retreats after Craneware rejects takeover offer
Craneware PLC - Edinburgh, Scotland-based provider of software, focused on US healthcare sector - Bain Capital Private Equity (Europe) LLP on Wednesday says funds it advises do not intend to make a firm takeover offer for Craneware. Bain last month had confirmed it was considering a possible offer and had until the end of Friday this week to announce a firm intention to do so. In response on Wednesday, Craneware says it received and rejected an offer from Bain at GBP26.50 per share. The stock closed at GBP20.10 in London on Tuesday and has traded as high as GBP25.00 in the past 12 months. Craneware says the offer from Bain "fundamentally undervalues" the company. The board is "fully confident" in its strategy, it says, and believes the share price performance over the past 12 months "is not reflective of the company's trading performance and the continued improving prospects of the business". Read More