7th Nov 2013 09:14
LONDON (Alliance News) - AIM-listed Delcam PLC Thursday said it has reached an agreed deal to be acquired by Autodesk Inc. for GBP172.5 million in cash, and already has irrevocable undertakings to accept the deal from key shareholders including Renishaw PLC.
In a joint statement, the US 3D design software company and its British counterpart said Delcam shareholders will get GBP20.75 a share in cash, a 21% premium to the Delcam closing price Wednesday. Delcam's board are unanimously recommending the offer.
Autodesk said it already has irrevocable undertakings from shareholders holding about 44.5% of the stock, including Delcam Trustees, Renishaw, JO Hambro Capital Management and Herald Investment Management.
In a separate statement, Renishaw confirmed it has given an irrevocable undertaking to Autodesk to accept the offer, but would suspend it if another party comes in with a bid of GBP22.30 a share or more. If Autodesk matched or beat any new offer within five days, the undertaking would resume, it said.
At the current offer price, Renishaw expects to get just over GBP32 million for the 1.5 million Delcam shares it holds.
Autodesk is being advised by Citi and Delcam by Numis.
Delcam shares were trading up 21% at 2,075 pence Thursday morning, an all-time high, level with the offer price, and making the stock one of the biggest risers on AIM. Renishaw shares were flat at 1,678 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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