12th Jan 2016 08:23
LONDON (Alliance News) - Oil and gas industry software provider KBC Advanced Technologies PLC saw its shares surge on Tuesday morning after it said it has agreed a GBP158.0 million deal to be acquired by US software company Aspen Technology Inc.
Aspen will pay 185.00 pence per share in cash for KBC, a premium of around 49% to KBC's closing price on Monday. KBC shares were up 48% on the news to 183.00p, one of the best performers in the AIM All-Share.
"Over the last few years, KBC has proactively reshaped and broadened its business to make it more adaptable and successful. We have continued to perform well notwithstanding the challenging operating conditions in the hydrocarbon industry," said Ian Godden, KBC's chairman.
"In the current market environment, however, we believe that there are advantages in being part of a larger, broader and better capitalised group. The offer from AspenTech represents a compelling opportunity for KBC's shareholders to realise an attractive value for their investment in cash at a significant premium," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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