Document and patent translation specialist SDL has reached an agreement on the terms of a recommended cash acquisition of Alterian, the Bristol based firm which makes content creation software.
The Alterian independent directors have said they consider the terms of the acquisition to be fair and reasonable and unanimously recommended the acquisiton to its shareholders, which values the enture issued share capital of the firm at around £68.4m.
Each Alterian share is valued at 110p, which represents a premium of approximately 73.2% to the closing price of 63.5 pence per Alterian Share on 21 October, and a premium of approximately 46.6% to the average closing price of around 75.1 pence per Alterian share for the 3 months prior to the start of the offer period.
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Phil Cartmell, chairman of Alterian, said: "The Alterian Independent Directors are unanimously recommending this Acquisition by SDL, having considered it in the light of the changes that have been made to the business as part of the recently announced transformation programme. The offer gives Alterian Shareholders the opportunity to realise a significant cash premium to the price on 21 October 2011, being the last business day before SDL announced its possible offer."
SDL's share price rose 1.71% to 596p, while Alterian's share price rose 7.41% to 108.75p by 08.28.
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