By Shares in Smartspace Software, a leading provider of space-management software, witnessed a significant surge after Skedda Holdings made a cash offer to acquire the company. The offer values Smartspace at an impressive £25.0 million ($31.4 million), a premium when compared to its current share price.
As of 0805 GMT, Smartspace shares were up by 34 pence, trading at 67.50 pence.
Skedda’s latest proposal entails a price of 82 pence per share, surpassing Smartspace’s closing price of 33.5 pence on Monday. Moreover, it represents a remarkable 94% premium compared to the volume-weighted average middle market closing price over the past six months.
Skedda emphasizes its ability to provide not only financial support but also the necessary technical expertise for Smartspace to maintain its technological edge. Furthermore, Skedda envisions strong commercial advantages for Smartspace’s customers and identifies the opportunity as being compelling for its employees.
Despite this enticing offer, the SmartSpace board has thus far withheld its support. Consequently, there is no assurance that Skedda will ultimately make a firm offer for SmartSpace.
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