Alfa Financial Software Holdings PLC’s largest shareholder on Wednesday lent its backing to EQT AB, which is mulling a bid for the software developer focused on the asset finance industry.

Swedish private equity firm EQT on Wednesday said it entered into an irrevocable undertaking with CHP Software & Consulting Ltd, which is controlled by Alfa Financial Founder and Chair Andrew Page. CHP holds just shy of a 60% stake in Alfa Financial.

EQT, while yet to make a firm offer for Alfa Financial, has proposed acquiring the company at 208 pence per share. It would value the firm at around £614.4 million.

Alfa Financial shares rose 4.6% to 197.20 pence each in London on Wednesday morning.

EQT is required to disclose by July 7 if it intends to buy or not to buy the company.

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