Wednesday 19th December 2018 |
Text too small? |
ESW Holdings says it has secured acceptances for more than 90 percent of SLI Systems and is moving to compulsorily acquire the remainder in its $41.4 million takeover offer.
Texas-based ESW launched a full takeover bid for SLI in October after locking up 51 percent of the company’s shares through agreements with 18 of SLI’s 1,500-odd shareholders.
SLI provides e-commerce services to retailers on a software-as-a-service basis. ESW offered 65 cents per share for the business, significantly above the 30 cents the shares were trading at before the offer.
In mid-November, independent valuer Northington Partners valued the shares between 37 and 53 cents and called the ESW offer “compelling.” SLI’s committee of independent directors also unanimously recommended shareholders accept the offer.
Still, the outcome will be disappointing to those investors who participated in SLI’s initial public offer in May 2013 and paid $1.50 for their shares.
(BusinessDesk)
No comments yet
EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills