Alternative Networks PLC (LON:AN) jumped more than 16% in Monday’s early deals after it agreed a cash deal to sell the company to Daisy Intermediate Holdings for 335p per share.
The offer values Alternative Networks at £165.3mln and represents a premium to Friday’s closing share price.
The Aim-quoted telecoms software group will be Daisy’s third recent acquisition.
Neil Muller, Daisy chief executive, in a statement, said Alternative Networks was a strong and complementary strategic fit for the acquirer’s business.
Meanwhile, Alternative Networks' chief executive James Murray added that a combination with Daisy will ensure that it is best placed to capitalise on future growth opportunities and remain the provider of choice for customers.
In early deals Alternative Networks shares gained 48.75p, 17%, to change hands at 334p each, just a penny below Daisy’s offer price.