3rd Nov 2014 10:55
LONDON (Alliance News) - Allocate Software PLC Monday continued to recommend a GBP109.6 million takeover offer from private equity firm HgCapital Group, as it announced that another undisclosed bidder had emerged.
The company said that two third-party potential offerers had requested to receive any information that HgCapital had. The first of these potential offerors has confirmed that it does not intend to make an offer.
Allocate has allowed the second potential offeror access to the information, but noted there could be no certainty that this potential offeror will make an offer, or the terms on which any offer might be made.
By October 14, HgCapital's 153.33 pence a share cash offer had received acceptances for around 56% of Allocate's issued share capital.
Shares in Allocate are trading down 0.6% at 157.10 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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