Shares in CyanConnode Holdings jumped 28% to 9.25 pence in early afternoon trading following the announcement, bringing the company’s year-to-date gains to approximately 35%. The proposal from the UAE-based technology firm values each share at 9.75 pence, representing a 34% premium over the stock's closing price of 7.25 pence on Monday.
In section Market Quotes
CyanConnode Shares Surge on £35 Million Takeover Bid from Esyasoft
CyanConnode Holdings shares climbed sharply on Tuesday after the company confirmed a preliminary £35 million ($47.8 million) takeover approach from UAE-based Esyasoft Holding. The non-binding proposal values the smart-metering specialist at a significant premium, prompting the board to launch a formal evaluation of the offer.
Terms of the Proposal
The board of the Cambridge-based IoT provider is currently evaluating the non-binding offer. While the proposal marks a significant valuation milestone, the company cautioned that there is no certainty a firm offer will materialize. Shareholders have been advised to take no action while the board conducts its review.Under the rules of the U.K. Takeover Panel, Esyasoft Holding now faces a deadline to formalize its intent. The firm has until March 3 to either announce a firm intention to make an offer or walk away from the transaction. CyanConnode stated it would make further announcements as the situation develops.
The company remains a key player in high-growth infrastructure technology, specializing in:
- Narrowband radio frequency mesh networks.
- Omnimesh smart metering solutions.
- Internet of Things (IoT) communication platforms.
Comments (0)
No comments yet. Be the first!