7th Feb 2019 08:42
LONDON (Alliance News) - Compliance technology Tax Systems PLC on Thursday confirmed it is in "advanced" talks with Bowmark Capital LLP over a potential takeover offer.
The cash bid, which has not yet been confirmed, would be at a price of 110 pence per Tax Systems share. Tax Systems was 7.5% higher on Thursday morning at 108.00p a share.
The 110p offer price would value Tax Systems at approximately GBP88.8 million.
In its own statement, MXC Capital Ltd said it has given Bowmark an irrevocable undertaking to accept the offer. MXC holds a 26% stake in Tax Systems.
Bowmark is a London-based private equity firm focused on UK firms valued at up to GBP200 million. It manages funds totalling GBP1.5 billion, and focuses on a wide range of industries.
Related Shares:
MXCP.LTAX.L