LONDON — Shares of Blue Prism surged Tuesday after the British software program firm disclosed it acquired a takeover offer from U.S.-based tech agency SS&C Applied sciences Holdings, setting off a possible bidding warfare.
London-listed Blue Prism has already agreed a deal to go personal in a virtually £1.1 billion ($1.47 billion) sale to American personal fairness agency Vista Fairness Companions.
However the firm revealed on Tuesday that SS&C Applied sciences, a Windsor, Connecticut-based agency that sells monetary providers software program, had submitted an offer of £12 per share for the corporate.
That is higher than the £11.25-a-share bid from Vista, and would give the corporate a barely higher valuation of $1.56 billion primarily based on its most up-to-date excellent share rely.
“The Board is currently evaluating the SS&C Proposal with its financial adviser, Qatalyst Partners Limited,” Blue Prism mentioned in a press release Tuesday. “There can be no certainty that any firm offer will be made by SS&C.”
Blue Prism will adjourn a shareholder assembly on the Vista offer to discover the takeover method from SS&C, the corporate mentioned. The agency mentioned administration nonetheless imagine the sale to Vista to be within the “best interest” of shareholders and recommends transferring forward with it.
“A further announcement will be made if and when appropriate,” Blue Prism mentioned.
Shares of Blue Prism surged as a lot as 10% on the information Tuesday.
Buyers have expressed concern over the proposed takeover of Blue Prism by Vista, arguing it represents poor worth for shareholders and an enormous low cost to rivals.
Blue Prism sells what’s generally known as robotic course of automation know-how, or the usage of metaphorical software program robots that automate repetitive duties within the office.
It competes with the likes of U.S.-headquartered UiPath, which listed in New York and has a market cap of over $28 billion, and Automation Anyplace, a privately held agency final valued at $6.8 billion.
Activist investor Coast Capital is mounting a problem to the Blue Prism-Vista deal. The agency is in discussions with different disgruntled buyers and says round 30% of shareholders are ready to dam the acquisition.
One Blue Prism investor instructed CNBC the possibilities of the deal getting authorized have been trying more and more slim.
“I think it’s right on the cusp,” David Brown, founding father of funding supervisor Hawk Edge, mentioned in an interview final week. “I think it’s slightly more likely that it gets rejected.”