Invoice processing firm Tungsten Corp stated on Monday that it was withdrawing its backing for a takeover by US buyout group Kofax in favour of a greater supply from Swedish sensible enterprise community supplier Pagero, at £61.5m.
Tungsten had beforehand agreed to be purchased by Kofax for 42p a share, or £53.7m. However, it stated earlier that it had determined to again a better supply from Pagero at 48p a share, which is a 14% premium to the Kofax supply.
“In evaluating the offer, the directors of Tungsten have considered various aspects of the Pagero offer and consider the Pagero offer to represent a higher offer for Tungsten’s shareholders as compared with the Kofax offer,” it stated.
At 1225 BST, Tungsten shares had been up 8.3% at 49.10p.
Founded in 2000 and headquartered in London, AIM-listed Tungsten invoices for 60% of the FTSE 100 and 68% of the Fortune 500.
Tungsten Corp to be taken over by Sweden’s Pagero in £61.5m deal & More Latest News Update
Tungsten Corp to be taken over by Sweden’s Pagero in £61.5m deal & More Live News
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Tungsten Corp to be taken over by Sweden’s Pagero in £61.5m deal & More News Today
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