By Anthony O. Goriainoff
Smartspace Software said the board was considering Skedda Holding’s latest 25 million-pound ($31.4 million) takeover offer, having rejected a previous approach at a lower price.
The London-listed space-management software company said it was in consultation with its advisors and major shareholders, and that shareholders should take no action at this time.
On Tuesday, Skedda made a cash offer for the company of 82 pence a share, a significant premium to Smartspace’s closing price of 33.5 pence on Monday. It said then that it had the support of Smartspace’s largest shareholder JO Hambro Capital Management, which owns 8.3% of the company.
Smartspace Software said a further announcement will be made if and when appropriate and that there couldn’t be any certainty that an offer will be made.
Skedda has until Jan. 9 to either make a formal proposal or walk away under U.K. rules.
Write to Anthony O. Goriainoff at [email protected]
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