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On 15 April 2020, Castleton Technology plc (Castleton) announced that it had reached an agreement on the terms of a recommended cash offer by MRI Software limited (MRI), for its entire issued share capital. The acquisition is intended to be implemented by way of scheme of arrangement.
MRI is expected to pay 95 pence per share, representing a 42.9% premium to the share price at close of business on 14 April 2020. This values Castleton at approximately £82.2 million.
This comes after Castleton reported revenue of not less than £23.3 million for the year to 31 March 2020, which is ‘marginally behind management expectations’. Castleton also note the risk posed by ‘the unknown duration and extent of the macro and micro economic consequences of the COVID-19 pandemic’. However, as 67% of the company’s revenue is recurring in nature, it notes there is a ‘base level of revenue visibility for the future.’
Castleton’s announcement, alongside a possible offer by Georgia Capital PLC for Georgia Healthcare Group PLC on 15 April 2020, is amongst the first since the COVID-19 triggered UK lockdown, which saw takeover activity come to an abrupt halt.
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