14th Dec 2021 17:55
(Alliance News) - Tungsten Corp PLC on Tuesday rejected a GBP50.5 million takeover offer from Kofax Inc which the financial management company said "significantly undervalues the company".
The London-based based firm said on November 19 it received an "unsolicited, indicative proposal" from Kofax relating to a possible cash offer for a price of 40.00 pence per share. Tungsten shares closed up 34% at 38.91 pence on Tuesday.
The electronic invoicing and purchase order platform also said that it is in takeover talks with Jaggaer LLC and Accel-KKR, but noted that there was no certainty any of the talks will lead to a deal.
By Arvind Bhunjun; [email protected]
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