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Smoove PLC on Wednesday said it had agreed a £30.8 million takeover from Digcom UK Holdings Ltd, an indirect subsidiary of Pexa Group Ltd.
The Oxon, England-based software solutions provider for the housing market said shareholders would receive 54 pence for every share held, terms which the company said were ‘fair and reasonable.’
It first announced the takeover discussions in April and since then has extended the deadlines for a bid to be made in May, June, July and in August.
Shareholders representing around 56% of Smoove shares have pledged to back the offer.
Sydney-listed Pexa which operates Pexa Exchange, a digital property settlements platform in Australia said it believes there is a significant opportunity for Smoove’s existing customers to benefit from its digital property settlements platform and wider service offering.
Shares in Smoove closed down 4.6% at 42.00 pence in London on Wednesday.
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