By Anthony O. Goriainoff
Smartspace Software said it doesn’t currently support Skedda Holdings’ latest 25 million pound ($31.4 million) takeover proposal.
Earlier Tuesday, Skedda said it has made a number of proposals to Smartspace’s board over a potential takeover of the London-listed provider of integrated space-management software, the latest of which was 82 pence a share.
The offer price was a 145% premium to Smartspace’s closing price of 33.50 pence on Monday.
The news sent Smartspace’s share price rising to a high of 68.50 pence before slipping back. Shares at 1033 GMT were up 31.50 pence, or 94%, at 65.0 pence, marking its highest one-day percentage rise in 10 years.
Smartspace’s shares are currently up 53% in the year to date.
A company spokesperson said Smartspace Software wasn’t currently at liberty to make a comment over the proposal, which the board doesn’t currently support.
Skedda said it could provide the company with the financial support and technical expertise necessary for Smartspace to maintain its technological advantage, and that it saw a strong commercial advantage for Smartspace’s customers and a compelling opportunity for its employees.
“The Smartspace board has not been willing to date to provide their support for the proposal. There can, accordingly, be no certainty that any firm offer for Smartspace will be made by Skedda,” the company said.
Skedda added that it has the support of Smartspace’s largest shareholder JO Hambro Capital Management, which owns 8.3% of the company.
Skedda has until Jan. 9 to either make a formal proposal or walk away under U.K. Takeover Panel rules.
Write to Anthony O. Goriainoff at [email protected]
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