Shares in the data group Glantus Holdings PLC (AIM:GLAN) shot up 40% in early trade after it agreed to be taken over by Finnish procurement specialist Basware in a £17.8 million deal.
The 33.42p per share offer tabled by Basware’s bid vehicle represents a 67% premium to Friday’s closing price.
“The Glantus board is unanimously recommending the offer from Bidco, as it represents a compelling opportunity for shareholders to realise their investment in cash in the near term and is at a very significant premium to recent share prices,” said chief executive Maurice Healy.
“Despite recent challenges, the business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where Glantus can benefit from the experience and capital of Basware as its partner, whilst maintaining the management and wider team which have driven the business forward to date."
At 9.10 am, the stock was changing hands for 28.10p, up 8.10p.