Smartspace Software PLC (AIM:SMRT) has agreed and recommended the terms of a takeover by Sign in Solutions to its shareholders, seeing it valued at £28.35 million.
Under this, Sign in Signs will purchase Smartspace’s entire issued capital at a price of 90p per share, the software solution firm said on Thursday.
This represents a 169% premium to Smartspace’s share price of 33.5p in mid-December, when the offer period to buy the company opened.
“We feel that the time is opportune for the shareholders and employees of Smartspace to take advantage of the opportunities being offered,” SmartSpace chairman Guy van Zwanenberg said.
“Over the past number of months, as we have gotten to know the team at Sign in Solutions, it has reinforced our view that there is an excellent commercial fit between the businesses.”
Smartspace added at least 75% of its shareholders would need to back the takeover, with over 20% said to have already announced intentions to vote in favour of the deal.