Attraqt Group PLC (LSE:ATQT) recommended a cash bid from Aegean Bidco Limited a wholly-owned subsidiary of Crownpeak Holdings which values the group at £63.2mln.
Shares jumped around 66% to 29p following news of the offer under which Attraqt shareholders will receive 30p cash for each share held.
The price represents a premium of around 71.43% to the closing share price yesterday.
Crownpeak said it thinks Attraqt will be an excellent fit for its investment and strategic criteria, based on the group’s strong position in attractive markets, its technology-led business model, and multiple levers for future value creation.
The board of Attragt said it intends to recommend unanimously that shareholders accept the offer.
Tom Crawford, chairman of Attraqt, said: “Having carefully considered the range of options available to Attraqt, including the terms of the proposed acquisition, the Attraqt Board has concluded that the acquisition……is in the best interests of Attraqt, its shareholders and wider stakeholders, and as such are unanimously recommending the acquisition to shareholders."