19th Oct 2026 09:51
Gamma Communications PLC - London-based cloud communications and voice services provider - Postpones general and court meetings scheduled for Tuesday to approve its takeover by Epiris GP III Ltd, saying that proxy votes have been received for less than 40% of its shares. Gamma says it believes the low participation so far is due to 50% of its shares being held by merger arbitrage funds that have only recently bought in. Acceptances of the Epiris offer represent only 0.1% of shares so far. The offer is 1,120 pence in cash, valuing Gamma's equity at GBP1.02 billion.
To encourage votes for the offer on the table, Gamma says Epiris has confirmed that its offer is final, and Gamma says it is not in talks with any other third party for a rival takeover offer. Waterland Private Equity Investment BV dropped out of bidding for Gamma at the start of this month.
Gamma reschedules the two meetings for November 2. Despite the delay, Gamma now thinks the takeover will be effective in the first quarter of next year, rather than in the first half.
Current stock price: 1,092.00 pence, down 0.9% in London on Monday
12-month change: up 9.2%
By Tom Waite, Alliance News editor
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