US private equity firm pulls out of £ 1bn race to acquire Blue Prism
A US private equity firm has pulled out of the race to acquire a Warrington-based software developer after its £ 1.1 billion takeover bid was beaten by a bid ” superior “.
Vista Equity Partners initially struck a deal with Blue Prism in late September after fending off competition from TPG Capital which has already invested in Airbnb, Burger King and Spotify.
Vistia is headquartered in the United States and currently owns stakes in UK companies such as Advanced, Allocate and Finastra.
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However, US investment giant SS&C Technologies submitted a competing bid that valued Blue Prism at £ 1.2 billion.
This offer was then unanimously recommended to the shareholders of Blue Prism by the board of directors.
According to its website, SS&C Technologies is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agency.
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In a statement, Blue Prism said: The board of directors of Blue Prism notes that, in accordance with Note 2 of City Code rule 32.2 on acquisitions and mergers, in the event that an offeror wishes to set aside its declaration of no increase, he must make an announcement to this effect as soon as possible (and in any event within 4 working days of the date of the firm announcement of the competing offer).
“No such announcement has been made by Vista and therefore the increased Vista offer is final and cannot be increased.
“The Blue Prism Board of Directors continues to intend to unanimously recommend that Blue Prism shareholders vote in favor of the SS&C Offer at the Tribunal and General Meetings. of Blue Prism (both terms having the meanings given to them in SS&C Announcement 2.7), each to be called in due course. “