Kin and Carta shares surge 14 per cent on new £239m takeover bid
Shares in technology consultancy Kin and Carta jumped 14 per cent on Tuesday just before market close after it announced it has accepted a new and higher cash takeover deal.
In a trading update, the company said Valtech will pay 130 pence per share to buy Kin and Carta, formerly known as St Ives, valuing it at around £239m.
Valtech is a digital services firm controlled indirectly by funds advised by BC Partners, a London-based international investment firm.
In October, Kin and Carta entertained an upgraded cash offer from private equity heavyweight Apax Partners of 120 pence per share, valuing the company at £203m.
In response to this new proposal, the directors of the digital transformation company, have taken back their recommendation of the previous offer from Apax and plan to adjourn the Apax offer shareholder meetings.
The new offer by Valtech is still subject to regulatory approval and shareholder consent.
Kin & Carta Chair, John Kerr said: “We believe the offer from Valtech will bring expertise, capital resources and investment enabling the combined group to build upon the strong foundations we have laid.”
Raymond Svider, chair of BC Partners, said: “We are excited to support Valtech in their ambition to bring together two outstanding organisations to the benefit of both customers and employees.”