21st Dec 2023 11:41
Smart Metering Systems PLC - Glasgow-based utility connection, smart metering and energy management provider - Shareholders representing a 17.8% stake in SMS, including two founders, say they oppose the GBP1.4 billion takeover offer that the SMS board agreed to earlier this month. Funds advised by private equity firm Kohlberg Kravis Roberts & Co LP offered 955 pence in cash per SMS share, which gives a GBP1.3 billion equity value and GBP1.4 billion enterprise value to all of SMS. Primestone Capital LLP, together with Alan Foy and Steve Timoney, say they are "disappointed" with the offer price and intend to vote against it. Primestone has a 9.8% stake, with the two founders holding 8.1% via investment vehicles. Read More
