18th Nov 2019 10:08
(Alliance News) - Shares in Brady PLC jumped early Monday after the trading and risk management software provider said it has received an approach from a undisclosed potential offeror, which may result in a counterbid to GBP8.3 million offer made by private equity Hanover Investors Management.
Brady, however, added that there was no certainty that an offer would be made by the potential offeror and that talks with the undisclosed party remain at an early stage.
The potential offeror has until December 9 to either make an offer for Brady, or walk away, in accordance with UK takeover rules.
Shares in Brady were up 35% at 16.16 pence each in London on Monday morning, valuing the company at GBP14.1 million.
The company separately said that the Hanover merger offer has been extended to November 29 as Hanover has not received over 50% valid acceptances for its offer.
At the end of Friday, Hanover had received valid acceptances in respect 1.4% of the issued share capital of Brady.
In mid-October, Brady agreed to a 10 pence per share cash takeover offer made by a vehicle of Hanover Active Equity Fund II Sca SICAV-RAIF, valuing the firm at GBP8.3 million.
By Tapan Panchal; [email protected]
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