Response to Rule 2.8 Announcement by Bain Capital
Board rejects Bain Capital takeover proposal at £26.50 per share, citing undervaluation and strong trading performance.
- Rejected offer price per share £26.50
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The Board of Craneware notes the statement by Bain Capital Private Equity (Europe), LLP ("Bain Capital") that Bain Capital is no longer considering a possible offer for Craneware. As a result, Bain Capital is bound by the restrictions set out in Rule 2.8 of the Takeover Code.
The Board confirms that it rejected a proposal from Bain Capital that valued Craneware at £26.50 per share, a price which the Board believes fundamentally undervalues Craneware and its prospects. The proposal was received without the parties entering into a due diligence process.
The Board is fully confident in the ongoing execution of Craneware's strategy and that its continued successful delivery will create significant value for shareholders. The Board believes that the proposal received from Bain is not in the best interest of shareholders and is not consistent with the Board's understanding of the objectives of shareholders.
The Board believes the Company's share price performance over the last 12 months is not reflective of the Company's trading performance and the continued improving prospects of the business, instead reflecting non-Craneware specific market factors.
The Board confirms trading in the year to 30 June 2025 has been strong, with continued growth in revenue and adjusted EBITDA, and further Earnings, ARR and NRR acceleration.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.