Wednesday 19th December 2018 |
Text too small? |
ESW Holdings says it has secured acceptances for more than 90 percent of SLI Systems and is moving to compulsorily acquire the remainder in its $41.4 million takeover offer.
Texas-based ESW launched a full takeover bid for SLI in October after locking up 51 percent of the company’s shares through agreements with 18 of SLI’s 1,500-odd shareholders.
SLI provides e-commerce services to retailers on a software-as-a-service basis. ESW offered 65 cents per share for the business, significantly above the 30 cents the shares were trading at before the offer.
In mid-November, independent valuer Northington Partners valued the shares between 37 and 53 cents and called the ESW offer “compelling.” SLI’s committee of independent directors also unanimously recommended shareholders accept the offer.
Still, the outcome will be disappointing to those investors who participated in SLI’s initial public offer in May 2013 and paid $1.50 for their shares.
(BusinessDesk)
No comments yet
December 27th Morning Report
FBU - Fletcher Building Announces Director Appointment
December 23rd Morning Report
MWE - Suspension of Trading and Delisting
EBOS welcomes finalisation of First PWA
CVT - AMENDED: Bank covenant waiver and trading update
Gentrack Annual Report 2024
December 20th Morning Report
Rua Bioscience announces launch of new products in the UK
TEM - Appointment to the Board of Directors