CyanConnode Holdings has confirmed its board would unanimously recommend a revised takeover proposal from Esyasoft Holding, a subsidiary of Abu Dhabi-listed International Holding Company, after the offer price was bumped to 10.44p per share from the original 9.75p tabled in February.
The improved all-cash proposal values the AIM-listed smart metering firm at £37.5 million and represents a 44% premium to the closing price of 7.25p on 2 February, the last trading day before the possible offer was first announced.
The board said it had considered the revised terms carefully with its financial adviser and confirmed it would be willing to back the deal unanimously, subject to agreeing on the remaining key terms and finalising transaction documentation.
In supporting the approach, the board highlighted the longstanding commercial relationship between the two businesses. Around a quarter of CyanConnode’s group revenue across FY24 and FY25 combined has come from the Esyasoft group, and directors believe a combination would unlock meaningful synergies in scale, capital support, and international expansion, particularly in India.
The board also noted the financial backing already provided by Esyasoft through convertible loan notes totalling US$20.25 million issued during 2025, primarily to fund CyanConnode’s Goa project.