Kalibrate board agrees offer by Canterbury Acquisition
Source - SMW
Kalibrate Technologies has agreed a cash offer by Canterbury Acquisition Ltd, an investment vehicle ultimately wholly-owned by Hanover Active Equity Fund.
The boards said the 85.5p per share offer represented a premium of 50% over the closing middle market price of 57p on 1 June, the day prior to Hanover Bidco's approach, and valued the company at around £29m.
Chief executive Bob Stein said: "We continue to make good progress within our core markets, deepening our customer relationships and winning additional contracts.
"With continued investment in our new products of Merchandise Pricing/Promotion and B2B/Wholesale Pricing we are developing additional growth opportunities with our client base.
"Whilst this strength underpins our belief in our products and long-term growth plans, the time and investment required to convert those growth ambitions continue to extend, compounded by the delays in deregulating markets that we've previously announced. I, along with the rest of the Kalibrate board, intend to recommend the offer."
(LON:KLBT) Kalibrate Technologies PLC share price was +26p at 83p