1st Aug 2019 13:35
(Alliance News) - UK listed retail and manufacturing software developer Sanderson Group PLC has agreed a GBP90.1 million acquisition offer from funds managed and advised by TA Associates and Vista Equity Partners.
Aptean Inc, controlled by TA Associates and Vista Equity Partners, said Thursday that its unit Aptean Bidco will pay 140 pence for each Sanderson share under the acquisition agreement, a premium of 9.8% to the closing price of 127.5p per Sanderson share on Wednesday.
Shares in Sanderson were trading 8.0% higher at 137.76 pence each on Thursday afternoon, giving the company a market capitalisation of GBP83.3 million.
The acquisition will be effected by means of a court-sanctioned scheme of arrangement. Aptean Bidco has received irrevocable undertakings to vote in favour of the scheme in respect of 25.3 million Sanderson shares, or around 39.3% of the share capital of Sanderson
"The board of Sanderson is unanimously recommending this offer to shareholders, viewing it as an endorsement of the Board's strategy and achievement of its execution to date," said Sanderson Chair Christopher Winn.
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