CyanConnode Holdings PLC (AIM:CYAN) shares climbed on Tuesday, rising around 8% to 8.85p, with the news that it had received a revised, non-binding all-cash proposal from Esyasoft Holding Ltd that would value the smart metering communications group at £37.5 million, or 10.44p a share.
The AIM-listed company said the revised terms represent a meaningful uplift versus its pre-offer trading levels, with CyanConnode citing premiums of 44% to the 2 February closing price and 57% to the prior one-month volume-weighted average price.
CyanConnode said its board has told Esyasoft the price is at a level it would be prepared to recommend unanimously to shareholders, subject to agreeing other key terms and final documentation.