Supply chain software company Kewill has received a last-minute bid from Symphony, a US private equity firm, beating off rival bidder Francisco Partners.
Symphony, a San Francisco-based company that was founded in 2002, wooed Kewill board members with a £99.6m bid for the company, putting Francisco's £89.5m offer firm in the shade.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the past 12 months the company has issued two profit warnings and currently expects full year adjusted operating profits to be £9.3m.
Chief Executive Paul Nichols is planning to step down from the board once a successor has been appointed.
Kewill's share price rose 10.99% to 106p by 09:07.
NR
-
5 alternatives to Reeves’ inheritance tax raid on rural Britain as families face ‘splitting up or selling’ farmsInheritance tax limits are now so low they attack small working family farms rather than just going after tax loopholes, one Cotswolds farmer has said
-
High earners at risk of £65k retirement shockHigh earners could face some of the biggest pension shortfalls when they retire, as the cost of maintaining an expensive lifestyle could erode their retirement savings
