StatPro has received a recommended all-cash offer at 230p per share (a 54.9% premium to the closing price) from Confluence Technologies, a private equity-backed (TA Associates) US-based provider of solutions to the global asset management industry. The offer is recommended by the board and supported by shareholders representing 65.2% of the shares. At the interims, management confirmed its focus on driving sales, having established the building blocks for growth (consolidation of the Revolution platform, new divisional structure) over the last few years.
The offer price represents a 54.9% premium to the closing price of 148.5p, a 76.4% premium to the 130.4p weighted average price for the six months prior to the announcement and a 23% premium to the shares’ all-time high closing price (March 2018) of 186.5p. The acquisition values the entire issued and to be issued share capital of StatPro at approximately £161.1m on a fully diluted basis. The acquisition will be effected by way of a scheme of arrangement (or with the consent of the Takeover Panel, by way of a takeover offer) and is expected to close in Q419. Together with other conditions precedent (no material change, etc), the offer is subject to approval by a majority in number of StatPro voting shareholders, representing at least 75% by value of StatPro shares.