Financial technology giant SS&C has made a £1.2 billion takeover proposal for robotics process automation firm Blue Prism, which is already the subject of a separate private equity takeover deal.
September that it had agreed a £1.1 billion takeover deal with private equity firm Vista Equity Partners, which plans to merge the company with data analytics firm TIBCO.
But SS&C has since made a proposal that would value the company at £1.2 billion, with Blue Prism opting to delay Friday’s planned vote on the Vista deal.
Despite the bid from Vista being recommended by Blue Prism’s board, it has faced opposition from shareholders including Coast Capital, which claimed the bid is “highly inadequate” and instead supports SS&C’s takeover.
Blue Prism’s board said it would examine the proposal from SS&C but that it was still recommending that shareholders vote in favour of the takeover from Vista.
“The directors of Blue Prism continue to believe that the Vista Offer is in the best interests of Blue Prism shareholders and are not withdrawing their recommendation of it at this stage”, the company said in a statement.
“The Board is currently evaluating the SS&C proposal with its financial adviser, Qatalyst Partners Limited. There can be no certainty that any firm offer will be made by SS&C.”
