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LONDON — Shares of Blue Prism surged Tuesday after the British software program firm disclosed it obtained a takeover offer from U.S.-based tech agency SS&C Technologies Holdings, setting off a possible bidding conflict.
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 Equity Partners.
But the corporate revealed on Tuesday that SS&C Technologies, a Windsor, Connecticut-based agency that sells monetary providers software program, had submitted an offer of £12 per share for the corporate.
That’s higher than the £11.25-a-share bid from Vista, and would give the corporate a barely higher valuation of $1.56 billion based mostly 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 shifting 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.
Investors 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 opponents.
Blue Prism sells what’s often called robotic course of automation know-how, or using 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 Anywhere, 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 traders and says round 30% of shareholders are ready to dam the acquisition.
One Blue Prism investor informed CNBC the probabilities of the deal getting accredited 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.”