Takeover of British tech firm Blue Prism under threat
The US takeover of tech firm Blue Prism is in doubt, with around 30 per cent of the shareholders prepared to block the billion dollar deal with the buyout firm Vista.
The activist investor campaigning against the £1.1bn takeover of the software specialist has claimed a “critical mass” of shareholders would be willing to block the deal when it goes to vote next week.
In September, Vista agreed the £11.25-a-share agreement with Blue Prism, which specialises in automating repetitive tasks.
Coast Capital, a major investor, commented: “Coast Capital is in discussion with shareholders cumulatively holding over a 30 per cent stake in the company who are unhappy with Vista’s highly inadequate bid and are assessing their final vote accordingly.”
The crux of the issue is that the shareholders believe Blue Prism has been undervalued due to mismanagement, and therefore should not rush into the takeover. Shares in the company have also fluctuated since it floated in 2016.
Three quarters of shareholders need to agree the deal for it to go ahead.