Blue Prism (PRSMB.L), a British robotics software business, has agreed to a final buyout offer of 1.22 billion pounds ($1.63 billion) from US private equity firm Vista Equity, the parties announced on Thursday, beating out a bid from SS&C Technologies (SSNC.O).
Activist investor Coast Capital, which had supported SS&C’s bid, has objected to the additional 1,250 pence-per-share cash offer from Bali Bidco Ltd, a subsidiary indirectly owned by Vista.
Bali Bidco stated that it will fund the transaction with cash on hand.
Blue Prism’s board of directors has unanimously recommended that shareholders vote in favor of the Vista acquisition at the December 9 shareholder meetings.
Last week, SS&C approached the British software giant with a 1.16 billion pound purchase offer. Blue Prism, whose customers include Daimler (DAIGn.DE), eBay (EBAY.O), and the United Kingdom’s National Health Service, agreed to be acquired by Vista in September for 1.09 billion pounds.
U.S.-based Coast Capital, which holds a stake of around 2.8% in Blue Prism, objected to Vista’s proposal, saying the sale process was flawed. Blue Prism defended the deal, saying it was better than continuing as a standalone firm.
Shares of Blue Prism ended about 0.6% higher at 1,215 pence on Thursday, before Vista’s revised offer was made after the market close.
