Blue Prism agrees £1.24bn takeover offer from US fintech SS&C
Software group Blue Prism agreed to a £1.24bn takeover offer from SS&C Technologies this morning, withdrawing its backing for a bid from rival suitor Vista.
US-based fintech company SS&C’s all-cash offer of 1275p per Blue Prism share is higher than its earlier possible bid of 1200p, and is above private equity firm Vista’s final offer of 1250 pence.
Blue Prism chief Jason Kingdon said the combination with SS&C will offer access to “significant capital resources and investment in R&D alongside access to SS&C’s extensive 18,000 customers”, as reported by Reuters.
Blue Prism directors intend to unanimously recommend that shareholders vote in favour of the SS&C offer.
SS&C told Reuters that it intends to maintain Blue Prism’s London HQ as a UK robotic process automation centre.
Blue Prism shareholder Coast Capital, which owns around 2.8 per cent of the software company, last week had objected to Vista’s revised offer saying it undervalues the firm and had instead backed the possible offer from SS&C made in mid-November.
UK takeover rules reserve the right for Vista to withdraw its final offer and come back with a higher bid to compete with SS&C’s offer.
Blue Prism shares were up four per cent this morning to 1339p.