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Smartspace Software PLC on Monday said it received an indicative proposal for a potential takeover offer by funds managed or advised by PSG Equity LLC, which it would recommend should a firm bid materialise.
Smartspace, a Bury St Edmunds, England-based designer and builder of smart software solutions, said the potential 90 pence per share offer by Boston, Massachusetts-based software-focused venture capital firm PSG Equity would be acceptable.
The bid, made through PSG’s Sign In Solutions Inc unit, would value Smartspace’s equity at £26.0 million. It would also represent a 32% premium to Friday’s closing price of 67.98p.
Smartspace shares jumped 23% to 80.00 pence each on Monday morning in London. It has a market capitalisation of £23.2 million.
‘The possible offer is subject to the satisfaction or waiver of a number of customary pre-conditions, including satisfactory completion of due diligence. Discussions between the parties are advancing but there can be no certainty that an offer will be made, even if the pre-conditions are satisfied or waived,’ the firm noted.
Sign In now has until February 19 to announce its firm intention to make an offer, or walk away.
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