Tungsten Corporation (LON: TUNG) founder Edmund Truell and his associates are backing a possible bid of 40p a share by Kofax Inc. This is an attractive price for Edmund Truell, but not so attractive for some of the longer-term shareholders. The board says that the bid significantly undervalues the digital invoicing business.
California-based Kofax is an automated software provider that simplifies the handling of data. Kofax has eight out of the top ten global banks and seven out of ten of the top global insurers as customers. Kofax has more than 25,000 customers.
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