Blue Prism defends Vista takeover bid after investor opposition
- Apple (AAPL) Stock Falls Nearly 4% Following Rare Q4 Revenue Miss
- Amazon (AMZN) Stock Dumps 3% Following Q3 Miss
- S&P, Nasdaq hit record closing highs on earnings bullishness
- Facebook (FB) to Change Name to 'Meta', Ticker to 'MRVS'
- Zendesk (ZEN) to Acquire Momentive (MNTV) and Its Iconic SurveyMonkey Platform
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(Reuters) -British software company Blue Prism on Wednesday defended Vista Equity's $1.5 billion takeover offer, saying it is better than remaining a standalone firm, days after activist investor Coast Capital opposed the deal.
Blue Prism agreed to a 1,125 pence-per-share offer from Vista last week, but minority shareholder Coast said it would vote against the bid that it believed undervalued the London-listed company.
U.S.-based Coast, which owns about 3 million Blue Prism shares, objected to the deal in a letter last week, saying the sale process was flawed and that it believed there were multiple conflicts of interest.
Blue Prism, in response, said it reached out to 15 strategic parties and 12 financial sponsors during its sale process and that assertions of conflicts of interest were "entirely flawed".
Coast had earlier said it sent out an operational improvement plan to Blue Prism, but the UK-based company said on Tuesday that it lacked details for its board to assess.
($1 = 0.7352 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri and Ramakrishnan M.)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Treasury Secretary says spending packages will change U.S. economy for the better
- Democrats scrap bank reporting requirement from U.S. spending package
- For some U.S. Catholics, Biden's pope visit brings hope of clarity on abortion
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!