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Tungsten Corp PLC on Friday said it now recommends that shareholders accept the increased offer by Kofax Parent Ltd, which values the company at £70.6 million.
On Friday, Irvine, California-based Kofax had increased its bid for the London-based electronic invoicing company for 55 pence per share in cash, higher from its previous offer at 42 pence per share, and from Pagero AB's offer at 48p per Tungsten share.
Shares in Tungsten Corp were 12% higher at 55.76 pence on Friday in London, giving a market capitalisation of £70.6 million
As a result of the new offer, Tungsten has withdrawn its recommendation from the offer by Pagero and has recommended that shareholders vote in favour of the increased Kofax bid.
Shareholders will vote on the offer at a reconvened general and court meeting at June 9.
‘This revised Kofax offer provides our shareholders with even greater value in cash for their shares and, as I said previously, provides Tungsten with the opportunity to expand the scale of its business by offering its products to a wider customer base leveraging Kofax's geographical reach, capacity for investment and operational infrastructure,’ said Chair Tony Bromovsky.
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