PROACTIS, the spend control software provider, has filed a tender offer for the remaining issued share capital of Hubwoo, the 79% owned subsidiary of PROACTIS' wholly owned subsidiary Perfect Commerce, at a price of €0.20 per Hubwoo share.
The tender offer is now subject to clearance by the French Authorite des Marches Financiers (AMF).
The maximum consideration payable for all outstanding Hubwoo shares will be approximately €5.6 million (excluding fees and related expenses), payable through the company's existing cash resources.
PROACTIS reserves the right to request that Euronext Paris delist the Hubwoo shares from the Euronext Paris market.
At 9:36am: (LON:PHD) PROACTIS Holdings PLC share price was 0p at 176p