Blue Prism is a tech company that specializes in allowing organizations to delegate duties to robots. The £ 1.22 billion bid war between Blue Prism and US Vista Equity Partners appears to have come to an end after Vista Equity Partners refused to boost its offer.
Vista made its first proposal for Blue Prism in September, agreeing to swap £ 1.10 billion in all outstanding Blue Prism shares for a cash offer of 1,125 pence per share.
SS & C Technologies, an American business specializing in financial services technology, proposed a £ 1.17 billion bid in early November, following which Vista’s final £ 1.22 billion bid climbed.
Last week, however, SS & C reached an agreement with Blue Prism’s board of directors to trade 1,275p per share. This is 150p more than Vista’s original offer, putting the group’s value at £ 1.24 billion.
Vista’s previous assurance that it will not boost bids within four days of the announcement of SS & C’s rival higher proposal was cancelled this morning by Blue Prism, but the deadline has passed.
“Since Vista hasn’t made such an announcement, the increase in Vista offers is final and cannot be increased,” the memo said.
The bidding battle was something that investors wanted to see continue. The share price of Blue Prism closed at 1,313p last night, valuing the firm at £ 1.28 billion. The share price of Blue Prism has already dropped below 3 to 1,266p this morning.
However, not all is lost, since current SS & C bids reveal that Blue Prism’s stock price has increased by 53% since Vista’s first bid was announced.
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