LONDON - CyanConnode Holdings plc announced today that the deadline for Esyasoft Holding Ltd to make a firm takeover offer has been extended to June 23.
Esyasoft, a subsidiary of International Holding Company PJSC (ADX: IHC), initially approached CyanConnode on February 3 with an indicative offer valuing the company at £35 million, or approximately 9.75 pence per share. On March 3, Esyasoft submitted a revised proposal valuing CyanConnode at £37.5 million, equivalent to 10.44 pence per share.
The CyanConnode board stated it would be willing to recommend the revised proposal to shareholders, subject to agreeing on other key terms and definitive transaction documentation.
The original deadline of 5:00 p.m. today required Esyasoft to either announce a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers or announce it does not intend to proceed. The Takeover Panel has consented to extend this deadline to 5:00 p.m. London time on June 23.
The company stated that Esyasoft continues to conduct confirmatory due diligence, which is at an advanced stage, and the parties are working through the final elements of that process.
Esyasoft reserves the right to vary the form of consideration, transaction structure, or make an offer on less favorable terms under certain circumstances, including with board agreement, if a third party makes a lower offer, or if CyanConnode announces specific corporate actions.
The company noted there is no certainty that any firm offer will be made. CyanConnode remains in an offer period in accordance with the Code rules.
