17th Dec 2019 15:46
(Alliance News) - IT service-management software firm Nasstar PLC on Tuesday said it has agreed to be taken over by Divitas Bidco Ltd in a deal worth GBP79.4 million.
Divitas, an indirect subsidiary of funds managed by Mayfair Equity Partners LLP, has offered 12.88 pence in cash for each Nasstar share, representing a 15% premium to the company's closing price on Monday. The price values Nasstar as a whole at GBP79.4 million.
Shares in Nasstar were up 11% at 12.50 pence in London on Tuesday.
Nasstar directors unanimously recommend that shareholders vote in favour of the deal.
"Nasstar has performed well since the reverse takeover and I would like to reiterate the board's appreciation of the effort of the management team and all Nasstar employees in this time. The board believes this is a compelling offer for Nasstar shareholders, at a significant premium for those who invested at the point of the reverse takeover, and at a fair valuation," said Chair Nick Bate - who has been on the Nasstar board since 2014 but only became chair in October.
He continued: "We believe the acquisition is in the best interests of all our stakeholders, and unanimously recommend that shareholders vote in favour of the resolutions relating to the acquisition."
By Lucy Heming; [email protected]
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