SmartSpace Software, a provider of office management software, has received a preliminary buyout offer from US investment firm PSG Equity.
SmartSpace Software shares were 30% higher after 85p after the group confirmed it was the latest UK company to receive takeover interest from US smart money.
PSG, through its majority-owned subsidiary Sign In Solutions, has proposed acquiring all of SmartSpace’s shares for 90p each in cash. That represents a premium of circa 38% over SmartSpace’s closing share price of 65p at the end of last week.
SmartSpace said its board is inclined to recommend shareholders accept the possible offer, if PSG formally launches a takeover bid at that price. The proposal is still subject to due diligence and other customary conditions.
There is no certainty PSG will proceed with a firm offer, even if it completes due diligence satisfactorily. Further announcements will come as appropriate, SmartSpace said.
The London-based company provides software to manage office spaces, desks and meeting rooms for corporate clients.
SmartSpaces announced a 16% increase in revenue in the six months 31st July, 99% of which was recurring revenue.
